It has been an epic melt-up since the bears exhausted themselves in February. But given the structural, cyclical, seasonal and technical headwinds we face, traders are likely better off selling into this rally.

Longer-term investors should wait for much lower levels before legging back into quality growth stocks.

At the very least, I think the S&P 500 will retest its February lows near 1,800. But a decline to the 1,600 to 1,700 area is probable before a continuation of this secular bull market can take hold.