Why i am not too excited about the upside here ?

Some simple intermarket analysis. Daily CCI(14) on DOW is around 199, SPX is 129 and NDX is around 90.

DOW is already at extremes which implies some sort of correction to kick in on the DOW. Now if the NDX and SPX starts moving higher along with the DOW, DOW CCI would reach very extreme territory and will end up as a blowoff move. Not very exciting if one is positioning for a swing move on the long side, cuz the reversals from the blowoffs could be swift. Look at what happened to GOLD and SILVER today !

Now if the DOW starts correcting here, it would push the SPX CCI below 100 and NDX will seem like a rejection from the 100 line. So the implication is that some sort of a short term correction will begin soon. If this scenario were to transpire, it won't be a plain garden variety ST correction. The reason being the daily MACD is already hovering near zero and if we were to get a continuation sell on the MACD, the MACD would dip below the zero line. Selloffs when the MACD is below the zero line are generally brutal.

So my strategy at this point would be to daytrade the hourly until either one of the scenario transpires and then take a swing short position once my system issues a sell.