The trump euphoria has reached its peak. I'm not saying that the apocalypse is coming, but overbought is starting to look and feel like an understatement. (even the weekly Stoch RSI
is approaching overbought territory - see SPX
: up for a couple a weeks, before the downtrend resumes. The daily is glued to the ceiling) Still short with a stop at 2215, could very well be taken out... But my ultimate target of 2213.7 (see previous post : how high can it go) still stands as of this writing.
The summer top has been breached and now act as support (red line on chart). And has become the key level. Once breached on the downside, gravity
Keep a close eye on the TNX
who should act as a trigger. (see TNX SPX
and the CPI
Good luck, happy trading, and a happy thanksgiving to my American friends.