Seasonality and overbought... Professionals shorting and non professionals buying. Insiders selling. Forex giving strong bearish signals... Complacency...
I don´t know from this point if S&P500 can trade above 1700... What i am seeing is that even the bearish blogs are expecting a rise above 1700 and this is not good... I exited my long positions and start shorting. My forex trades (long JPY and USD against some currencies are working).
Bellow is a chart from one of the worst indexes IBEX30, where you can see a good spot to short.
Week Ahead: NIFTY May Stay Tentative; Look For Stocks With Strong Relative
Strength
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The week that went by was in stark contrast to the week before that, as the
markets remained in an extremely narrow range before closing with modest
gains....
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