Top of the Uptrend, Euphoria at 41pct
The Sigma Whole Market Index (aggregate of 16 US indexes) closed Friday near the top of its uptrend.
The Sigma Trend Index is at '98'.
The Trend Level (TL) is at '5' for the sixth consecutive day. This is the highest level of overheating I've seen for a long time.
Looking at our Euphoria Index, we are now at 41%. This level is just unsustainable:
Conclusion:
If we combine the fact that the market is at the top of its uptrend, and the current level of euphoria, we are probably very close to a pullback/correction in the market.
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Short term positions:
- short 1 SPX at 1458.12
- short 1 NDX at 2849.22
Medium term positions:
- short 2 SPX at 1336.99
- short 1 NDX at 2578.46
- short 1.5 CAC at 3103.87
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