From
It is what it is department"Overbought market. many thing suggested this rally will not sustain, I was joking weeks a go, the Fed needs to save the dollar, Tank commodities, and let the SPX correct to 2500. still think that is the balanced act. Key focus
Overbought in most short term indicators expected a correction to come as soon as next week, regardless of stimulus talk, no news no rumors on my side of charting. bullish market and overbought with high complacency level and fearless while $VIX is well above the norm of 16.
Save the dollar or crash the dollar? I see a bottoming on a dollar, strong dollar bad for earning number in general, the earning season is come to an end time to support it.
Complacency level is way scary, too comfortable out there on the buy side.
a pull back is at hand per SPX:VIX ratio
Short term trend is up dip will be bought as long as we are trading over 5 DMA, as over bought as it may be early bird counter trend will have to be careful yet. I will continue my excuse to find the top, Trade well, Peace!
My comments are for entertainment/educational purpose only. NOT a trade advice.