For the longer term things have become a bit tricky. Albeit premature, the weekly chart does show the contours of a large reversal pattern. It is not our favourite pattern, but the location and symmetry are noteworthy and should be taken into consideration. Furthermore, virtually all underlying stocks are to varying degrees with the exception of Ahold-Delhaize and Philips Lights. In other words, there is a lot of for a considerable decline.
We suggest shorting the near-term and covering only partially at 520. Maintain the rest of the shorts with (liberal) trailing stops. 480, 458.50 are realistic targets if the actually pans out over the next weeks.