Quote from pattern_trader:
i think we pullback a ways now. not saying that the bull is done, but definitely think a correction in works.
ill attach chart of s&p. notice since the brief penetration of rising channel last week, the s&p rose for 5 straight sessions; however, each session decreased in volume. a look at weekly chart shows down and s&p very extended above 20-week ma's.
i shorted the s&p yesterday via the SDS in my ira thinking risk reward very good.