Kumowizard
Short

I am amazed by bullish action, I just can't agree.

FX:SPX500   S&P 500 index of US listed shares
402 0 12
Weekly:
- Back above Kumo, but note that Kumo is thin and flat below Price. It can be as easy to break below, as it was to break above.
- Heikin-Ashi is still bullish , but watch out, as haDelta/SMA3 makes a cross at extreme high! This pace probably won't be sustainable in coming weeks.

Daily:
- Ichimoku is firm bullish , but price far above Kijun Sen. Kijun started to pick up as past candles 26 days before falling out. In about one week, Kijun will be up to ard 1990.
- PSAR and Tenkan not yet hit. This has to happen to generate a pull back (correction). Lower keylvls: 2031 / 2011 / 1975
- EWO is bullish
- Heikin-Ashi candles continously bullish , but haDelta has built an extreme bearish divergence.
- Price reached first important and probably stronger trendline resistance. Next above is only at 2090-2095 (ref. weekly chart)
- ATR (volatility) dropped a lot. This is also reflected in VIX             index of course.

Summary: either we agree or not, this market is technically bullish now. However it is also stretched and probably has gone a bit too far without correction. Negative divergences developed further. As Price action and setup is really far from a strategic downturn, I still don't recommend outright shorts. I still prefer buying June Put spreads. That has limited downside, but enough time to turn profitable, as I think a pull back will happen rather sooner than later.

I increase bearish option bets, not yet outright shorts.
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