Equity bounces back from the sale-off earlier this month with both S&P 500 and Dow in new high. 

Last Tuesday's sale-off only last about 1 hour before everything rebound quickly.  I think earlier this month the market is oversold enough to lead to rally in short term.  Now the equity market quickly becomes overbought, with S&P 500  at 2130/2140, which is my original target, and it's also the area I will turn extremely cautious.  I still think the market will correct  about 5% to 2040/2050, possibly by the middle of June.  

 

For this week, I don't expect too much movement in either direction. S&P500 might be able to touch 2140 before turning down. Normally it stays at the top for several days with very narrow range. Possibly bigger downside will not happen until next week.  So July puts might be a better choice now.