128Capital

Over-extended rally within the rally

BATS:SPY   SPDR S&P 500 ETF TRUST
1
The past week has seen the S&P really get ahead of itself. The past two highs have been accompanied by lower highs on the RSI. When you look at Money Flow--which is basically RSI but also accounting for volume--you see the divergence is rather significant. While a move down the 50 EMA could be expected, it is silly to short this levitating market at the moment.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.