With today's sharp rally, the SPX is fast becoming decidedly overbought on price momentum
with elevated RSI and MACD readings also ascending. Also of major short run importance is
the fact that the SPX is sitting right under the 200 day m/a. Failure to take out the "200" in short
order would normally be a good time for traders to take profits and may well have more
substantial negative consequences. Watch closely. SPX Daily
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!