S&P 500 Analysis & ETF Trading

[kiy]

Daily/weekly decide...
Market internals reflect the recent price breakout...from here on up to 1410 there is an important breakout resistance every 10 points...
Weekly CCI cross centerline =price thinks can go to outer Band...need daily signal to start the down side...""not"" an extremely overbought internal indicator...a simple correction to 1340 could work all that bullishness off...but its up to the daily to start the process...
Only thing you can do is take profits and NOT ADD to long positions while waiting for daily to signal...For now 1365/1360 are significant support.
I'd like to see a blow off top above 1390...1405 works also...
MY assessement=
My last buy was at 1315 level...I'm taking profits only because my system says to(also lightening up on the number of long positions=same as I did with the massive number of short postions I had that some went out of their way to worry about=I was very BIASed on the short side earlier this year and I was 1-1/2 months early and had to live with a clearly defined divergence in the NYMO=lesson is better wait for daily to get bias change started first... until then we are just getting rather overbought)...for now=taking profit not because I have signals that suggest BIAS change...
Hope make sense...
Enjoy