ProfitHarvest

[SPX] RSI Uptrend Vs. Downtrend... At Likely Peak Now

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SPCFD:SPX   S&P 500 Index
So far RSI is reliably bouncing off the yellow downtrend but we'll see how much power the minor dotted uptrend has soon.

Breaking under yellow and failing a retest would be bearish , holding to dotted line and setting a higher low would be bullish , bouncing off the yellow again would be neutral.

Either way we seem to be at the peak for this run.

Comments

Tremendous number of SPY monthly calls at 370 expire next week. I expect we'll get a drop to around that level early next week.Tuesday is my bet...
+3 Reply
ProfitHarvest darkerhorse
@darkerhorse, Let's see!
Reply
I'm not seeing any OBV divergence across time frames. Momentum can fall while price action climbs. When we're topping we usually see the money flowing negative BEFORE the price action falls. The daily trend is still above the fast moving average. I'm not quite ready to go short overnight yet. But I am shorting intraday to scalp profits.
+2 Reply
SLOPolarBear SLOPolarBear
@SLOPolarBear, I'm liking that hanging man on the daily. How often do those play out with the S&P though? Are you presently short?
+1 Reply
ProfitHarvest SLOPolarBear
@SLOPolarBear, I short by longing volatility, I don't even trade SPX haha it's just a good barometer
+1 Reply
SLOPolarBear ProfitHarvest
@ProfitHarvest, Interesting I've never thought of the S&P as the barometer for volatility -- always the opposite. In markets like this, 'investing' in volatility actually seems quite rational.
+1 Reply
ProfitHarvest SLOPolarBear
@SLOPolarBear, Yea not inverse, lot more that goes into volatility spikes. Barometer for entry/exit in my individual stock plays.
+1 Reply
ProfitHarvest SLOPolarBear
@SLOPolarBear, Ah that's how you use OBV, interesting.

Yes it can but look at the relation here, buying around yellow and selling around orange has been a solid trade for the past couple months...
+1 Reply
SLOPolarBear ProfitHarvest
@ProfitHarvest, I'm ready to short and hold this market. I hope this plays out next week. Mondays usually pop. So 'turn AROUND' Tuesday?
+1 Reply
good job
+1 Reply
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