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Singapore trader Adam Khoo won't be shorting the SPX until price closes down below both the 20 and 200-day moving average.

Technically the SPX is now in a bull market because price is above a rising 200-day EMA. This could change, but we have to acknowledge the trend is up and trade appropriately.

Adam won't be faked (or prematurely whip-sawed) out of a long SPX trade during minor weakness in the current up-trend. A 3% decline won't shake him out.

Last month the 28-day EMA crossed above the 200-day EMA for the first time since April, 2016. This doesn't happen very often when viewed on a long-term daily SPX chart. One example is back around April 11, 2016, at circa 2040, the 28-day EMA crossed above the 200-day EMA. The 28 was above the 200 EMA until circa Nov 21, 2018 at 2740 when the 28-day EMA crossed below the 200-day EMA for the first time in approximately two and half years.

Assuming the up-trend continues and the SPX breaks above the 2939 previous all time high, long-term leveraged short positions could potentially destroy a trading account.