The below charts need little commenting, but they all look like big double tops staring at us. The narrative has not really changed, but markets have come a long way up. Most of the big indices are reversing and putting in double tops as it looks here. 

DAX futures reversed on April highs.

SPX reversed right on the April/May highs.

NASDAQ reversed, but momentum here has been relatively poor and NASDAQ did not even reach the highs we saw in late April.

NASDAQ is currently putting in the biggest negative candle in a long time. Our general take is to be long gamma via cheap options in pretty much any index. If you like a directional bias, we would add the short bias to it, but volatility in equities is trading too low compared to other assets. 


Source, charts by Bloomberg