I think the market is close to making at least a tradable swing high. Ideally I would like to see another push up to new highs before topping. The hourly chart is trending up on SPY but has a strong bearish divergence building.
I am seeing some very nice looking set-ups to the short side. Ones that stick out to me now are SWK, JNPR, ADSK, EBAY, BUCY, and UPS.
As far as other markets go.....Sentiment is running too bullish on grains after a big run up. I would get out of funds like DBA, GRU, JJG, etc.
There is a nice bullish divergence setting up on the daily chart on the US Dollar Index (UUP, EUO). I plan to hold the EUO trade right now in anticipation that it will rebound in coming months.
Gold is overbought, but at all time highs it is in a vacuum area where there is no overhead resistance. I would not jump in at these levels, but would not advise to short it until it gets more divergence, etc. Gold has bucked technical set-ups for top reversals, and my feeling is that this will be a market that remains stronger than it "should" based on technical analysis.
If there are any specific markets or stocks someone wants my input on, drop me a line in the comments.
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