I1 peak was on Friday, but not only was it a weekend peak but a shortened session. I stayed flat until Sunday evening and shorted NQ futures at 1228.75 at a new high but the market kept moving up to 1264 before turning. Any new high was a 5th wave. I stayed short because this was an initial small position but I was surprised by the extent of the rally. Lots of optimism out there. When SP futures broke their 15-minute M/A late in the day I bought 2% SDS at 23.29. I'll look for a bounce to add on. SP futures 30-minute M/A is down at 1261.25. I expect a bounce there.
Crude rallied with stocks to a new rally high with $100 on the wags' lips. I count wave complete and the sentiment gauge is negative into Feb. Crude found support at 91.50 but if stocks fold it will crumble.