The risk reward ratio is definitely favor the bears base on the 1200-1220 resistances and the current overbought market

The market seems to have high hopes for the outcome of this week's key events, as stocks shot higher right out of the gate this morning.

The S&P 500 Index add 9.2 points, closed at 1193.57 to mark its best daily close since May. However, the SPX is at potential pressure zone in the 1200 region. 200 weeks moving average is at 1193.12 , 80 months moving average is right above 1200. April high is at 1220.

In the meantime, the risk reward ratio is definitely favor the bears base on the 1200-1220 resistances mention above and the current overbought market. However, the momentum is still up, timing is everything. I will not suggest to short the market right now.(short the market on the way up), instead I will wait for the first significant down day and the candlestick sell signal for confirmation before enter any short position. (short it on the way down)