S&P 500 May 02 to May 06 Outlook
The short squeeze scenario played out. The range expanded without any significant retracement. That is a bit surprising.
Still no signs of accumulation and breadth is diverging from the rally. Very close an important top now. Again, knowing that it is developing a top does not mean that you just step in to short it.
In fact, when we know that is the case, the best bet is to stay on the longside until important price zones are tagged. mid 1380 is one such zone.