S&P 500 looking overbought. Expecting 100+ point correction.
Updated
It's your friendly neighborhood trader-man. S&P looks overextended.
I'm looking for a deep correction that is also healthy. I think the year will be a crazy one that finishes up, so I'm not long term bearish. Only when I see the signs.
Longs use tight stops, and keep a close eye on the overnight action.
The biggest thing for me is just how low the volume has been this recent week. Moves up on lower volume don't last!
Will it correct tomorrow?.. I would never tell the market what to do. If it finishes the week high, I would only grow more bearish.
I'm looking for a deep correction that is also healthy. I think the year will be a crazy one that finishes up, so I'm not long term bearish. Only when I see the signs.
Longs use tight stops, and keep a close eye on the overnight action.
The biggest thing for me is just how low the volume has been this recent week. Moves up on lower volume don't last!
Will it correct tomorrow?.. I would never tell the market what to do. If it finishes the week high, I would only grow more bearish.
Note
I love this price action. The bear in me has been satisfied for the moment, but still looking for the main course.Check out that high volume on yesterdays push down. Now the push up again has mid/low volume. I'm telling you the bears have arrived at your local airport, they just trying to catch a taxi then they will be in your neighborhood soon.
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