Nice chart. Weekly support is around 1220. But will you be willing to sit through a 60-point drop just to know if weekly support holds?
While divergences have been there with momentum and breadth (noted by us and others), while we have been reminded by many for weeks of highly bullish sentiments, we at Market Time Premium have been following the trend level by level.
Long-time readers of Market Time know that I prefer price over all indicators. They also know that I pay little attention to overbought levels when there is an uptrend going on.
No one knows how far a trend can go. But what I can do, is to define risk and come up with scenarios that may potentially signal an end to a trend.
That is what I do at Market Time Premium across multiple time frames.
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