First and foremost market breadth topped on Monday. Tuesday and Wednesday were just for show to get sentiment up. Second...put/call open interest and put/call volume for equities ratio was not in line with price. It so far off that we need a few days of down to even things up. That's why I said the middle of next week on my target of getting out of shorts. Just remember that more money is lost on options than anything else. They are the best fade around.
I also take a 20 period sma of ES price and plot it on a 2 period rsi and wait for the rsi to get trapped above or below sma and trade extreme oversold or overbought areas (15 and 90) in the direction of the sma. In other words if sma is falling and rsi 2 is overbought (90 or above) I short until sma goes positive or rsi 2 is oversold. SPX and Russell 2000 daily charts have been trapped under since Monday close. 82 minute chart of gold just took a sell signal using this method @ the close 1144.70. Let's see how that does.
I use a few other things as well but I ain't spilling the beans on all the stuff I worked so hard for years to figure out.
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