After a ten year Bull market SPX is putting in a clean topping pattern. We have an inverted yield curve which has predicted the last 7 recessions. Everyone thinks fed is cutting rates in July, which there is a 100% chance of a rate cut in July. Everyone thinks the fed cutting rates is bullish, which it is for a little while; but historically going from a rate hike cycle to keeping interest rates the same to cutting rate has put us in recession within 6 months of the first cut. According to the Warren Buffett indicator the Willshire GDP the market has priced in 175% of GDP the highest ever. We have a lot of weak housing and manufacturing data which the markets are brushing aside in the hopes of rate cuts. Remember the most profits shorting are at new all time highs, the time to start shorting is now at new all time highs not when we are 30% off all time highs.