Richard: Actually, I was thinking market will have difficulty getting above April 5th high on this run. In order for that to happen, market will need a very good piece of news to run on.
There is not much here to get me excited either short or long.
A few days back my topping indicator did something odd. On Friday May 21st (opex Friday) it reverted. I first thought it was a minor breach but in the past few days the breach has become more pronounced so much so it is now in a position to call a top again. But not yet. Looks like opex messed with it back when it triggered on May 14th and reverted on May 21st.
On the trigger of May 14th, it lead to a May 17th bottom I suppose but I can't give it credit in that environment. It was a new environment for it as I posted.
I can give it credit in this type of rising market environment where it has worked extremely well when and if triggered. So, I will wait for that trigger to happen if we get that far before considering shorts.
The ten day p/c seems to have peaked and turned down and so
this could represent the case for a further run.
In order for a better run to happen, today would be a rest day with some down to give respite to the overbought state before attempting to move higher.
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