Index is very overbought on 60-min and Daily RSI.
Over bought in itself and in isolation means little.
Quite often, the degree of overbought we see here brings more price strength. Still, one cannot rule out some sort of correction or profit taking.
I have two short term levels for now: 1210 and 1200.
A move below 1210 may indicate a possible change in short term trend. A move below 1200 would further strtengthen that possibility.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago