Markets has so far followed the roadmap and made new ALL TIME HIGHS both on SPX and Dow Jones this week with the highs currently at 1693. I have been targeting 1700 as a major high in mkts and we are extreme close to those levels.
If you made great profits being long stocks since 1560 , then take profits of the table. Fear levels is once again back to extreme low levels where I would go long voilatility and those levels.
There are major bearish divergences on all timeframes – both 30min, 60min, daily chart + weekly charts. This USUALLY tells us we are near a MAJOR top – but I still believe that the bull mkt is not done yet. However all charts suggesting a larger correction again underway.
Note VIX also making higher lows , with SPX making higher highs , another signal that a major high might be near.
All in all – risk/reward clearly favours downside in mkts at those levels – we might see a little spike higher and wont rule out we could go a bit above 1700 – but be prepared cause another major correction should be underway bigger than the one we had last month.
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