Are we at critical point for S&P 500?

After several months of upside momentum are we now at a critical juncture in the Bulls vs Bears battle? Well, here at the flatbook we certainly think so. Take a peak at the charts below. Here we see price action encroaching upon previously tested, descending resistance. That we see this resistance coming into play almost simultaneously, on more than one global market index gives this setup additional credence. The stochastic on all three charts is also looking very 'toppy'. We will effect a short position on the S&P500 at no lower than 1001 (as this is where the chart meets our resistance), with tight stop losses.
Worthy of note, is that this trade is extremely counter trend. With better than expected results popping up left, right and centre, of which Apple is the most recent (profits up 47%) the mandate for profitable trading over the weeks/months past, has been to buy dips. The technicals pertaining to our short position however, are too extensive for us to not take the trade. We are techincal analysts afterall and not fundamental analysts.

Safe trading all!