Reasons:
#1 - volume completely dries up at 51-52
#2 - Point of control is at 45
#3 - Triple top formation in progress
#4 - Consolidation has not completed in the industry
#5 - Canadian oil is starting to come online. Fully online by mid July
#6 - Expected GDP revisions for Low growth in China and Euro zone
#7 - 3 major lines of resistance in the next 1.5 dollars of price.
PS: Setup is invalid if price crossed 52.5
#1 - volume completely dries up at 51-52
#2 - Point of control is at 45
#3 - Triple top formation in progress
#4 - Consolidation has not completed in the industry
#5 - Canadian oil is starting to come online. Fully online by mid July
#6 - Expected GDP revisions for Low growth in China and Euro zone
#7 - 3 major lines of resistance in the next 1.5 dollars of price.
PS: Setup is invalid if price crossed 52.5
1/2 position taken off with First Profit taken today at 44.7
Oil's taking a pause but a key bearish factor is that despite a very bullish market, oil is not heading up.
I expect a slight bounce up at this point if current SPX bullishness stays on track, but it may only be a chance to add on more to the short position.
SL adjusted to 48.2 (high of previous long candle)