Am i calling for a crash? - of course not, but certainly a much needed (and probably expected) profit taking pull back to digest these insane gains we have experienced the past 29 days - talk about a parabolic move !
When I trade, I always ask myself "is the risk greater RIGHT NOW of going long or short the market"?
My definitive answer right now is the risk is MUCH greater going long at these levels than short. How about a compromise then - if not a profit taking sell off then the other question is "do I think there is a risk of MISSING OUT on any near term up side move"? Again my emphatic answer "NOPE" - This quick and dirty analysis (I use many others btw ) would have me either SHORT the market or at the very least go to cash or hedge out my exposure (I'm a full time options trader)
In closing - I'm "synthetically" SHORT this market and have been since last Friday and feeling comfortable with my decision looking at this mornings
PS - I LOVE the 30 minute interval. There are 13-30 minute intervals in a trading day - 13 is a Fibonacci ratio !
Enjoy (I hope!)