We've seen an extremely bullish year so far and the past few weeks have seen to be the last push of the current leg.
Seeing the amount of bearish RSI divergence taking place among many of the major indices I'm going to take a short position taking us down to the previous resistance, which is also the potential support of the cup & handle pattern visible.
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You can clearly also see the bearish RSI divergence on the daily -
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DAX Daily -
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DOW -
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SPX
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In order for these divergences to be negated we need to see a mammoth of a move on all indices
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Breaking out of the bearish pennant -
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Bullish Pennant retested with some great reaction -