Initiated a small starter SPX short position today via SPXU however SPX rallied nevertheless into the close while the Dow failed to post a new high. We did end up seeing the pop today.
The CCIs on all time frames spiked while ADX remains low on the hourly chart, telling me not bad odds for a small counter trend position. I don't intend to hold this short for very long because the longer term timeframes (daily and weekly) continue to show rising ADX lines.
I am waiting for the CCIs to reach -100 especially on the 7 or the 10 hourly. This would tell me to get out of shorts and go back in long.
The wave 4 1480 scenario is not out of the question yet. Still have a couple days for this to materialize. However it's becoming even less likely now that SPX is at 1530. To get back down to 1480 would take a 3% correction which markets don't seem to want to cool off.