SPX update

S&P bulls are chasing all bears out of town. Lets look at technicals on Sep futures contract:  price is now outside of bollinger band on 1hr , 4hr, and daily - gasping for some air here. Like I said before, on days like these nobody cares. Short-term intraday traders are trailing 8 ema on 15 min and enjoying the ride. Let them ride folks, do not be in front of this train please! If one is lucky to be long here, possible resistance may come @ 1342.50 June 1st high and @ 1352.75 May 11 high. After that I see nothing else in the way above to the year high @ 1367.50 and beyond. On the downside 50/100 day sma will be looked at as a respectable support. All the memories about Greece erased, and greed has clearly taken over here. Fools rush in!! If you wanna get long - wait for a pullback.

UPDATE
Closed on the high of the day. You had to respect this if you were short. Established a higher low at 1258 on SPX cash - above the previous low 1249 earlier in the year. Now it is above 50 and 100 day sma and bulls are charging. My only question here is everyone positioned the same way now - long? I said at the beginning of the week that many traders wanting the same thing results in the opposite outcome. I am going to monitor the charts and sentiment indicators closely and will keep you updated.