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$SPY : Froth coming off

AMEX:SPY   SPDR S&P 500 ETF TRUST
The markets had another banner day yesterday with $SPY moving up 2.95%. The tech heavy $QQQ did one better, rocketing up 4.35%. But now, per SentimentTrader.com, their "$SPY Optimism Index has reached 98, the highest level in almost a decade. When short term optimism was this high in the past, the S&P usually pulled back in the short term".

After 5 waves down, $SPY almost reached its objective at 286.45 with 3 waves up. $ES futures are pulling back sharply down 2.1% at present. WTI is crashing to 18 yr. low. $IWM, $KRE will be under severe bear pressure.

Watching for signals to turn negative before committing to the bear case.

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