A somewhat choppy day in market land, where opening gains failed...with the indexes briefly going red, and closing slightly higher. The USD saw very strong gains all erased, with Oil and the precious metals recovering some of their declines.
So, we close a little higher, but it sure doesn't negate what are now at least moderately bearish signs across the daily and weekly charts.
Baring a truly bizarre set of new highs - across ALL indexes, going short seems a reasonable risk/reward ratio right now.
*I am short from sp'1557, seeking an exit by the Friday close in the sp'1542/38 area.
Tomorrow should be more dynamic than today, especially in VIX land, where I think the 16/17s are viable, if those low sp'1540s are hit.
There is a 'small' possibility that the 50 day MA @ 1530 could be hit.