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The stock market is in a up trend on all time frames and across all indexes.
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Overbought indicators are not working for swing short trades, there is currently no long term resistance.
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Shorting indexes has been punished since the break out to new all time highs making shorts more reluctant to try again.
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Traders that entered at the right time are experiencing little heat so are letting their profits ride. So little selling pressure is even taking place.
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There are plenty of traders on the side lines waiting for an opportunity to get in at any retracement.
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The probabilities here favor buying a dip not shorting.
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Buying opportunities are present at the old resistance of $196, the 21 day ema, or the 50 day sma. $SPY
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Many individual stock charts firming up and could break out $FB $AAPL $TSLA $SCTY & $GOOGL
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Since June $SPY resembles the first quarter of 2013 with its relentless move up with little to no pull backs.
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Since June $QQQ has gone almost straight up like 1999.
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The lack of volatility is very bullish while volatility will return we have to trade what we see until it does.
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2014 is shaping up to be one of the best bull market years in a long time. Don’t fight the price action, follow it.
