Apologies for my lack of posts lately. I have been extremely tied up with work and haven't had time to trade, let alone do up charts. I hope you all have been having some luck trading these markets. My risk averse bias as shown in my last several posts has proven to be incorrect as risk appetite has been increasing for far longer than I predicted. I still remain bearish on equities however and sentiment is once again reaching an extreme (
see Prechter's latest interview here). In the SPX price is coming up against solid trend and shoulder line resistance, and I do not foresee a push up through the May 13 retracement at 1177 before a reversal. We may have already turned but if not I believe we are very close. I have just taken a short postiton at 1138 with a stop at 1180.
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