After making low at 1810 S&P starting 2016 market has rallied with no major correction.
After Trump election it started to move higher on TAX cuts plan hopes.
Last saturday the day has come : TAX cuts plan has passed in senat
SELL the NEWS on Monday has followthrough yesterday from new ATH. When indicators were waving RED all the way up: Divergences
This gives clear indication ... market has TOPPED OUT.
30% correction will just bring us back to 2016 lows filling small GAP above ... impossible ? We'll see.
Good Luck !
Trade active
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If any was brave enough to keep short at play or reenter short below 2665 should now SET SL at ATH print : 2672 : and not risk any more loss from this short idea.
I hope you have tight stops because if you sell from here your going against Q4 earnings. I don't think the SPX is correcting for a 30% retracement anytime in 2017 or 2018. God Bless.
marti_marti
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@AndrewAponas,
For the moment SL must be above AllTimeHihg ... will move them lover whenever PA will allow.
We'll see what comes next ...