Market was trading within trading range 1105-1121 from Wednesday through Friday without significant direction. I didn't place any order because of this. Look like I can get a short order fill tomorrow because the S&P future is up 15 points by the time of this writing.
Traders have to be very cautious in the next few days trading. Market is a little bid overbought here. 1130, 1140 and 1150 are next hurdles market has to tackle before the bull can celebrate.
The risk reward ratio is a lot better on the bear side for sure now. Why? First of all market is short term overbought, daily stochastics is at 95.5% , second of all, next resistance is at 50 days moving average 1140. If the market has so much momentum to break through 1140. The last resistance 1150 is not so easy to break. 1150 is the last January high resistance, 1151 also is the 61.8% fibonacci projection level from the high of 1220 to the low of 1040.
I will place my first short order by the 50 days moving average 1140 and the next short order by 1150. If the market do retract after hitting these two resistance. I will take half of my profit when they drop down to 200 days moving average 1110. July shouldn't be a very aggressive month for bear, so I will wait until August, September and October for better opportunity.
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