SPX500

Now that the price have extended beyond the resistance level i am expecting it to continue in the future, re-enforced by the false downside breakout and the green impulse bar. However it its also touching the upper limit of the channel shouting a pullback is eminent as evidence by the low volume of the MACD histogram and the EFI.

The current market condition SNP has 1197 new high and 77 new lows overall, (bull market), trading short in this condition is Crazy, Ill wait for a pullback at the value zone or a retest of the resistance turned support before we enter long in this market.

If scenario 1 fails ill sell this for short at 1.5 of the long position with a target at the lower channel limit.