1. Asian markets down
2. No new exciting earning coming up for S&P
3. Past run up
4. May being a month when markets generally go down
5. Yesterday, the market could not go through 1516 for over 150 minutes.
6. No morning rally to speak of ES can't go through 1508.75 since around 10 AM.
All this would make me very cautious.
Then again it is 12:42 and the ES is at 1509.50, scratch #6
The reason why I want the markets to selloff is because it puts less pressure on the market after the fed meeting. We're more likely to rally during the meeting if the market selloffs today.