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After three weeks of bullish readings, my indicators are now flashing sell signals. I was leaning towards the bearish camp last week already, as the major indices were making a series of lower highs, and my indicators are now confirming that outlook. However, earnings have given the market a boost this week, especially in the technology sector.

Yesterday, shares of Facebook, Inc. (NASDAQ:FB) jumped 9% following the company’s earnings announcement and, after the closing bell, Amazon.com, Inc. (NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC) both reported better than expected quarterly results. Those stocks are up 8% and 7%, respectively, ahead of the opening bell this morning, and those gains are likely to push the Nasdaq higher today.

Perhaps the biggest reason for the positive earnings surprises we’ve seen this earnings season is the tax-cut bill. The private sector is much more effective at allocating capital than the government, and it looks like cutting taxes to the government and putting that capital back into the hands of consumers is having a large positive effect on the economy.

In the short-term, we might get a bit of a bullish bias, so I’m recommending taking advantage of this bearish moment to get positioned on Macy’s Inc (NYSE:M) calls:

Buy to open the M Jun 33 Calls (M180615C00033000) at $1.50 or lower.

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InvestorPlace advisor Ken Trester brings you Power Options Weekly, which delivers 5 new options trades and his latest trading advice to you each Friday. Trester has been trading options since the first exchanges opened in 1973 with a winning streak that goes back to 1984 with money-doubling average annual profits since 1990.