Stretching Until it Snaps?

Another day, another downtrending bar and another move up in the daily ADX value (see chart). There is not much more to add except maybe to note that 1225 is 120 degrees down on the Gann wheel from the September high. If we continue down then 1188-1204 is critical longer term support.

At the present time I would continue to keep a very close stop on any short positions. The 2-day high of 1257.27 is an objective choice although money management rules should govern the ultimate choice.