Update from Turning Points by Andre Gratian: comment for May 7

Andre Gratian has circulated a comment about the sentiment becoming even more bullish, pointing out that this signals caution for the rally. To the left is the chart he included with his comments (courtesy of SentimenTrader), and here's Andre's comment:

"More evidence of a top! The market is playing with your emotions, trying to get you to give up and turn bullish at precisely the wrong time."

It's a good point. Andre is also pointing to his hourly chart channel trendlines (circulated to his subscribers during the week), which haven't been broken to the downside yet; but also referring to a cycle low coming up on Friday. Saying that it's too soon to place numbers on what level that might point down to, but that folks should remain cautious now.

Doesn't mean that there cannot be a few more points to the upside, but does mean don't count on it.