Both SP500 and DAX are hugging their resistance.
Although big moves over 4 weeks are skewed down, there is no way to know if the market is going to elect for more grinding over 4 weeks.
Price Action reading: 2 weeks ago the setup could easily have delivered a correction but the news flow was relatively positive and supported 2/3% upside over 3 weeks (Denmark cutting, Yellen confirming stance, China Cutting... coming close to ECB ....)
In short: upside is limited but resilience could occur.
A dangerous long,
A potentially frustrating short.
My stance is short in a light fashion that would enable to survive resilience.