Wrong question. A better question is which side carries more risk? Sure, it could bounce, but how far do you expect a possible bounce to go in this environment? Syria, debt ceiling, and the possibility of tapering QE are going to make it difficult to get a significant intermediate trend reversal until some of this issues are resolved. But really, these have just been catalysts for the #$%$ intermediate-term technicals that have been screaming to anyone bothering to listen for the past month or so. Anything could have served as a catalyst.
Also, you're insane to be so leveraged here. Actually, you're stupid. That's not to be offensive but just the truth. I got crushed a couple times this year by overleveraging a position with no hedge. Mostly dumb option write plays but I overleveraged with futures too. I've made a decent amount of it back but it puts you in a huge hole.
I hope for your sake it does. Sounds like you're in a pickle.
There have been bounces all day long. Pathetic little things.
ES closed under crucial support, and any bounce is liable to end in that area (ES 1630's, maybe near 1640) in my opinion.
Man, we're at the beginning of a recession that won't be acknowledged by the experts until it's at least one third of the way done.
Any how, good luck to you.