Technician

SP500: APPROACHING BUBBLE TERRITORY?? PART 4

INDEX:INX   S&P 500 Index
214 0 5
SP500             continues to push at the ceiling of the main bull channel , but price fails so far to decisively break it, the first test of the channel few weeks ago resulted in a two-week correction, that suggests the slop of excessive supply at this resistance is there.

What now? NOTHING, my first attempt to short markets in part three of this sequel of trade ideas resulted in a loss, but that doesn't mean i am off, but ill be waiting for confirmation. Breadth indicators continue to show market is loosing steam, while price is testing this key resistance area after a 30 percent yearly gains. I think soon ill be updating for a short setup.

Trend of stocks above 200-days SMA is declining although markets are moving higher, hints less contribution in the rally, market vulnerable. further decline will be a strong bearish indication
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