I have never seen an index gap up so many times. This is the 5th gap on spy. I think the hype of Tsla drive the index higher. I will be very caution as i think tsla will have climax today or tomorrow.
I know blue sky can be extended but not like when you gap up 5 times ?!
I agree. Also, all these gaps up are on lower and lower volume which is not a good sign. The FED is about to taper asset purchases, and when it does, there's no possible way we can continue to gap up on the SPY. As for TSLA, at time of writing this it is near a daily RSI of 92, which is 10 out of 10 on the scale of overbought. TSLA has only been this overbought once before, and it closed down considerably (-17%) the following day.