On April 16th I recommended a short on the S&P 500 June. I wrote "The low in the S&P was recorded two weeks ago, it is possible the reason why we have not seen a new low in the last two weeks is because investors bought the earnings reports. Now if the trend has turned down, earnings reports will not change that, the S&P will decline. When a bear market is underway the rules change, if good news is expected and the market rebounds, the bears will use the rebound to sell and the downtrend will resume. The FTSE is strong at the moment, probably because the S&P is not going down. But we are near the top."
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