The markets have experienced a rapid selloff. The SPY has gone down from resistance at 280 to the bottom of its range around the 264 area. Since this is the third time reaching this resistance area, and it reached it more rapidly and with less volume, a bounce to the middle of the range and then a break lower is more likely. Any reversal up to the middle of the range should be viewed as an opportunity to liquidate long positions or initiate short positions going in to the new year