From this point of view, a lot of indexes still has some way to go, IWM 110, QQQ 80 and XLF 22.90 but still face all a short term overbought levels. IWM and QQQ the most. it's not so simple, there is some rules to follow but this basically says to sell on red zones on short term and look for big correction ONLY when SPY hits and reacts to 175 as resistance...OR as long as it doesn't go under grey zone this could go to 175, and big maybe 200. EVEN IF i believe short term overbought (BBands on weekly) will make prices go down again and come back for 175 test (and because you don't break orange channel) and without 175 this will not correct, based on this theory. Moreover, the theory overbought on short term but still not on long term reversal levels can be seen on other indexes too.
This suggest we are in #5 wave on EW cycle, not so surprising considering length of this last rally