Update

Sorry, I am having the flu, I was really out for some days. Here is the status:

The key here is that there are almost no higher beta industries showing relative strength.

The stronger industries right now are:

This looks really, really like deflation!

So I would be very hesitant to go all into this market.

We can rally to 392 on the Spy, then the air gets really thin (@Matthewwmickey1).

On the other hand: China and Biotech are still strong and showed a ton of relative strength in this pullback. Same counts for Gold.

And there are still chart setups.

So my take is to play this market with a very, very low position size.