Double top on daily with a cash gap down at 2719. I am still short core position from 2657.5 but have been managing by selling weekly puts which has helped avg my cost up. Still believe we will head down into end of May. Hit the BID!!!!!!!!!!!
And that happened, but I was too risk averse and bailed on a retrace. Hate when that happens. As for long-term/medium-term, I have no idea what's next and don't care either, but this market tends to like filling gaps below before going higher, so I'm thinking that a move down to the 2710 area should be expected regardless of further movement.
Kind of late mentioning, but nice doubletop at 2741 on the daily, with RSI divergence. I think we go below 2700. Edit: We have just closed the "no trade war" gap at 2711 and looking at a possible island reversal. (that would be bearish)
By the way these last 2 days the longs got it as a present from Trump. 6 days ago we pulled back to the SMA line (2700) from where we bounced up to 2730 and that would have been the end of it if not for the "no trade war" news. It took only 2 days for that good news to wear off and now down we go.
Short at 2714.75, got partially stopped out. Target 2705 ish, but will likely trail the stop to allow for a ride down to 2701.