Is the market still weak?

For a bull market to start its full course, we would like to see a selling climax phenomena. This happens when there's a substantial transfer of stocks from weak holders to strong holders. The selling climax can be refereed as a shake out too. Shaking out the weak holders from the market and letting strong holders to take its turn.

The market at the moment it's in its distribution phase. I think the news later will be negative and it will probably push the market further down to Support 1. The market at the moment is oversold so I would advice you to not hold you short position once it hits S1.

Good luck and happy trading :)