Market behaved nicely today - moved up higher brushing aside all the bearish news. The short-term resistance is less than 1% away while 50-day support is (870-770)/870 = 11% below. I will be make the sell order at 13-dayMA which is 833 on sp500 and 21.63, which will still be selling for a loss if it materializes. All other indicators in the overbought range. The market is sentiment driven and who knows how far it has to go before fundamental reality starts to make a difference. Luckily, we can trade on the market action alone and not on the fundamentals. Happy trading!
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