The market started down early but faught back into the positive later in the day. Again, unexpected. But this is good evidence that a substantial bottom is in at the cash S&P at 666 because of the relentless buying power and force behind this rally. But in my opinion, it's too late to get long now having it rallied so much so fast and momentum severely weakening. Folks are buying now out of fear of missing the new bull market, which we're NOT in, this is just a large bear market rally. Regardless, the best decisions I think are to go lightly short with put options so risk is well defined, or just sit out of the market and wait for it to fall so I can start establishing long positions. The larger trend is up, but momentum suggests that a major pullback is due before it's safe to get in long.
I'll post the above hr S&P futures chart until the channel is invalidated.
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