SPX500 @ Support Level

Above Daily chart of US SPX500. It's now at Monthly support level (red dotted line where price opens at the beginning of the month).  If that price gets broken, I will be jumping in to short this pair.  This line is in conjunction with the trigger red candle stick shown on  April monthend.
While PE ratio for SPX500 is currently at 25.41, it is not yet an extreme case of over value.  PE on May 2009 was 123 !
I am putting this up here, as a reminder for myself to move in with a SHORT position only when that line is breached and NOT BEFORE. My old self would have jumped in with a short entry believing that prices will fall.  I will wait for a confirmation this time.

This is the Open Interest chart from COT. Left showed red line crossing over blue, meaning to say, there is sufficient amount of  Puts demand to push thru' Calls.  Chart of the right shows downward strength of Calls vs Puts. The Bull's not showing any resistance lately.

Watch out for Support to be broken to move in to SHORT.

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Above was written on May 16, 19:12 hr.
I do not know how to add in comments , thoughts, without just editing it. I hate for the above timing to be taken off once I update the below info.

Daily FXDD demo chart above. I didn't pay too much attention, and price plunge. I said i should be keeping an eye here and to short when price fell below the support line. Well....I wasn't looking at it. My attention went to USD/CAD which I shorted and which price went against me. My heart wasn't there anymore , and even if my heart was there,..my fund wasn't there to support the short.

Lesson to be learnt : Identify and keep watch. Not identify and move on trying to find another pair. Stay focus ! I missed yesterday SPX500 plunge.. I have to be single-minded. Focus,..wait and action.

(May 18, 2017  SGP time 10.22PM)

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May 27th Saturday

Daily chart to show how the week ended for SPX500

Price broke the support level and moved back up. 6 straight days up with a doji on the last candle.  Bearish divergence detected...but I am in no position to short this fake bull till the bear actually moved in.