Be careful with shorts
Writing up anther piece now but will not have it finished in time if markets move fast. Be careful with short positions here. If we get above 4380 I think we’ll probably see it above recent highs. We may be in early bear traps. Be cautious selling rips above 4380. Tight stops momentum longs should work if 4380 fails.
Current price is 4375. It would be okay if we turned here, but above here I think bears would be likely to be run again, at least one more time.
A big short could be due in this general zone and still be weeks or months away. Keep this in mind if positioning.