SPX just posted a potential bearish setup: http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p44397243472 We need to have bearish confirmation in the form of a gap down or big negative day on heavy volume, before taking any trade. Ageressive traders (like me !) can short SPX right here. 2-Apr-12 high of 1422.38 is resistance. Is this an intermediate term high ???
We just had confirmation of the Hanging Man Candlestick. Conservative traders can wait for the ascending wedge to be broken and re-tested before entering short on SPX.