Yesterday was a great trading day indeed ! S&P pushed up and reached nearly my target level. But mind you - it will be a topping PROCESS and not a simple straight downward move. I'm expecting a testing of the top level at least two times and the final turning to the downside between June, 16 and June, 19. For now, I'm staying out of long positions, which are going beyond day-trading.
Comment:
S&P passed 3175 in a quick move today. Next resistance level will be 3215 after which it can go to its last peak. I guess, it is a topping process but if not, one has to be prepared for a much higher move then expected from most traders. I will stay out until waters are clear with a topping process developing.