I think this is a safe place to express 'party pooper' opinions....

I think this is a safe place to express 'party pooper' opinions.

I am currently watching the grey shaded area I have drawn in the S&P500. If it breaks below then ...

Even if it manages to grind higher, the risk/reward equation is still very much skewed to the risk side.
I won't be initiating any new positions from here regardless of set up.

To turn bullish again,  I would need to see a period of meaningful sideways consolidation. However, I seriously doubt that will be the case.

A few days of downside from elevated/stretched levels can wipe about a few months of gains. I strongly believe it's just a question of when and from where. Again, my opinion.