This last week was range bound between 1040 and 1060 for the SPX.

Looking at a weekly chart shows a clear double top and downtrend, with support at 1000.  I’m waiting for a rally to short here, or clear break down under 1040.

SPX has hit the trendline from May today, which gives a good area of support, and a good reason to sell the ultrashort swings.

Here’s a weekly chart of the SPX, and a blown up version showing that 4-month long trendline.  They’ve been manufacturing short squeezes lately, and with the 60 minute chart getting stretched, I feel one coming.