Short term update

It is bullish, more bullish than I expected... but it is getting too stretched on the upside and starts looking parabolic. On the weekly and daily chart the price is way too far from EMA50 and I expect snap back first on the daily chart and probably in June larger correction. Be patient, it is early for shorts, taking some profits is probably not a bad idea.

Short term update

SP500 touched the upper channel and this up leg since 19 April looks like it is close to its end. On the other side there is no signs that this is an intermediate top so after a drop 30-40 points I expect to see another move higher. The German DAX shows similar picture. DJ looks a little bit different - there is still MACD divergence on the daily chart(SP500 erased its divergence) and RSI/Histogram divergence on the weekly chart which means intermediate term correction is around the corner. We will watch this closely
My mistake was focusing too much on analysis and less on trading and signals. Instead wondering if this is a top, what kind of top etc. the approach will be practical - this up leg looks mature and the price is again too far from MA50 on the daily chart. That means we should see a pause or a small pullback to the trend line/MA50 and another up leg should start. Than we will watch how it develops and for potential signs of weakness before calling an intermediate term top.