A change in market sentiment in the offing?

Indices have continued to trend upwards with the S&P500 putting in a record month of gains in April. Over the past few weeks however, many chartists have been calling a 'top', attempting to time the apparently imminent market consolidation and position themselves to profit from it. They've lost money in the process. Can you say "The trend is your friend"? Technical Analysis though, is a subjective sport, an art not a science, and so by no means a guarantee of consistent trading profits. But crucially, appropriate usage assists today's diligent trader in timing his/her position. With this in mind, the S&P500 chart looks increasingly overbought. We are also approaching the upper end of a channel within which the S&P 500 has been confined since May 2007:



Remember as well guys that May throught September is historically the worse period for the markets:




I, for one, will be positioning myself accordingly!

Happy trading all!