2 red days in a row nullifies the melt up theory. I think the market whipsaws sideways for a while, the overlay is just a suggestion.
Garbage stocks looked weak today, so it's back to shorting garbage. Watch out for earnings though, CHWY just went up 20%. Earnings are a crap shoot.
Buy when MFI or RSI get oversold then sell the next day. Short if MFI or RSI get overbought, sell the next day. That's what I'm doing. No desire to hold anything for more than a day or two unless it's PTON puts, lol. PoS.
I don't think you can hold any position, log or short for too long, expecting more whipsaw. Maybe we get lucky and get a futures gap again, those made for easy targets