It is rather common.
It can be a false start or the last push before a correction takes place.
Again, touching the red line again seems too perfect in May > That increases the probability of a false breakout
SPX about to achieve its highest close
Nasdaq composite is about to beat its highest close ever.
As per my style: i am consistent and only speak about potential moves of 4% or more.
If you want a guy that tells you where are the next 20pts and changes his mind every 3 hours, I suggest you go follow someone else.
just note: SPX did not make progress since nov14 (the max we did yesterday was just 2% above)
I had a few move of 4/5% correct since that.
It will happen again here.
My call last week was very correct on dax and neutral on sp500 (1% around on both side).
Tops have inertia and all correction windows do not lead to a massive correction.
BUT TRUST ME: risk reward is crap, we are very close to a 4% correction and close to 10% one overall... all this without climbing more than 2% from here.
I really do not care about 10pts here or there (whether right or wrong)... look at it from a bigger picture please... I could be wrong by 1pt every day for 20d... this is meaningless to me.
Again, trust me on this: longs are dangerous at these levels.