As expected markets moving higher and no reason to really go heavy short. Though I thought a short term reversal would take place - we might still see the reversal very soon. If we look at the charts we have now fulfilled 5 waves up and on QQQQ and SPX we touched yesterday the upper trendline in the long term bearish rising wedge since September last year. IF and IF we break down of this pattern - this would cause massive selling in markets and we are VERY close to it according to the chart. You can clearly see the range in markets is very tight and a big move is comming. The NYA might have topped here , but if it breaks out it should move to 8500 on chart.
But all in all - the trend REMAINS up........and no reason to go against short term trend before you see a drop below 1300-1303 level. That means dont begin short ( I mean you can short a little - but dont short a lot now before you see CONFIRMATION) and that is the 1300-1303 level. If we break down below this level, that would trigger a short term SELL SIGNAL and markets would begin trending down. Until then trend reamains up and we could see 1330-1350 next.........
Have a nice day
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