With the S&P500 making new highs on no basis and serious resistance appearing at new levels, along with STOCHRSI signaling extremely overbought and MACD begining to reverse, I would take a small short position at $2205 with a T.P. $2175
Still holding, stop at $2217
Target re-adjusted for $2185 (wanna free funds to allocate to commodities)
Trade closed: target reached
I still think there is much more potential downside, but commodities are a better allocation of resources right now with a higher r/r.
@AlexTrik, sorry, i meant to say option skew... heavy put owners from election anticipation... spx options were heavy to put side... now everyone owning under 2200 is a loser - hard to imagine spx over 2200 back in february.