Price and time are approaching a short-term reversal. 11/5 was an I1 peak sell signal date. SPX intraday high on 11/5 was 1127.08. DJI intraday high on 11/5 was 11451.43. So DJI is 90 points from it's high while SPX is only 5 points away. Monday afternoon is the next I1 peak day and I expect strong resistance at these highs. The following decline should take until 12/21 and bottom well above last week's lows.
The technical composite ratcheted off of it's bearish level during last month's decline. It hit -21 at the early November top. Currently it is at -11. Before this rally is over in March I expect this composite to exceed the -22 signal level and perhaps hit the baby-and-batchwater -32 level.
Crude is rallying with stocks so I prefer to wait until Monday to short it.