I have been thinking about this annoying market for some time now, and I think sooner or later we will see the correction, so my bias is still Short equities. Again, with very low reading and rangebound moves on the 4 Hrs one thing we can annonce is that there is no trend pickup at all. With being oversold I can not decide if we see the break below now 1848-1850 or again some protective buying sends it back to 1465 (maybe bit more chance to see the second scenario). That's why to express my view I rather like to buy those May Put options and put spreads, instead of going short outright (and going crazy with the shorts on this chopp mkt).
What else could better describe and summarize my feelings and all aspects of the current situation, than this funny little piece:
p.s.: I don't think "far away" is so really far away from here.