SPX has another great day and break out, but the only resistance the bears had held and SPX failed to close at a new high for the year. Right now the SPX short-term the 60 Min chart is showing it is in overbought mode. RSI is above 70 and Stoch is above 80. The thing to watch is will the market sell off to work off this condition or chop around. At this point it is very possible all dips will be bought heavily and that there won't be to many hard down moves. (Still holding my SDS from yesterday)
But there are a couple of indicators that are showing signs of over Bullishness. $BPSPX is back into the Bull Happy Zone and we can see how the market reacted as the bulls got into this zone. There is a lot of Bull chatter going on as well.
So watch the dips today and 943-945. Stay nimble and be quick!
