Once upon a time there was a cute Perma Bear asking his readers to stay on his side ( short ) and let other traders be long. This was just recently when S&P500 was trading 1317 last Thursday
Quote:
Good. I need you guys on my side. Leave going long to ex-trolls that have blogs that 7 people like to read. Posted: 9:58AM Jun 28, 2012
Well, 3 trading days and 57 points later and after the Perma Bear comment was made, the S&P500 closed at 1374.
The previous chart posted with target 1382-1388 continues to have a very good chance being reached despite overbought conditions. This was pointed out already.
SPX Daily is not even overbought yet !
SPX Weekly remains on a buy signal
NYSE Summation Index remains on a Buy Signal
NYSE Advance - Decline has reached Feb 2012 levels and is overbought. Bearing in mind that we would see first a declining chart like we did into March/ April 2012, we should monitor it closely.
Short Term we are overbought heading into strong resistance 1382-1388 in SPX
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