We are now over half way into May and the thoughts of our traditional seasonality window of "sell in may, walk away" could be in effect here. The bulls have paused past week and now we are waiting to see if this market has topped. Atm price is consolidating but could be trying to form a double top as we see in the small cap index. Right now S&P and Nasdaq are sitting against its 13ema support which needs to hold if the bulls are to keep going. Im leaning more towards to the fence this is shaping out a dbl top though. One thing to note is that the VIX isnt pumping yet so there isnt a lot of fear yet, however US$ does look like its trying to form a bottom with its dbl bottom trying to come in. I think the trade deal with China didnt really help push the market and the oil war is still on going. I am in more in a defensive position now, looking to close profitable trades and reserving cash for the next wave.

BTC and ETH has topped out in the meantime. BTC failed against its 200 SMA and also tagged our 61.8 short RLZ. Clearly signs that the bulls are not ready yet here to break through. We got bearish divs on macd confirmed and overbought conditions hit. Now we wait to see whether we can hold the 38.2s just below and hopefully can consolidate. ETH keeps failing at its 38.2 first stop and like BTC, has multiple dbl tops confirmed with bearish divs on MACD. Retest of the lows back down into the RLZs would make sense. Need to see some consolidation for our next move.

ALTS had a decent rally in past couple weeks. Many names broke out but as BTC and ETH breaks down many are just coming right back down to the breakout levels. Retesting the lows once again and seeing whether we can actually hold vs breaking to new lows. This is probably the time to look at the names that have broken out and hunting their RLZs on the chance we do start consolidating again and breaking out on BTC and ETH. As of now, I am still holding onto the ALT names we picked couple weeks ago and waiting for the setups to play out.