The mid cap stocks are breaking above this big resistance area. This is telling because it's saying that the broader market is starting to participate in this rally off the March lows. This is a bullish indicator to me.
Gold is pulling back to an important level. What was resistance, should now act as support on a longer term basis. The action here in Gold is very important! Bullish if it holds, bearish if it breaks down through this level! Keep it simple.
Apple is making new all time highs today. The stock now has a monthly RSI of 80 which is indicating overbought conditions on the long term chart. I don't believe now is the time to be a buyer of Apple for the long term. The time to buy stocks are when others are despondently selling.
The S&P has been on a roller coaster ride so far in 2020. After gapping down on 2/24 and then declining -35% from its highs, the S&P 500 has managed to come all the way back towards that gap. In fact, it's in the process of filling that gap right now!
The monthly RSI on Gold is above 80 for only the 4th time in the last 17 years. Has Gold gotten a little ahead of itself from a momentum perspective? Yes, I believe it has. A correction may be imminent.
$TSLA currently has a monthly RSI of 87. The only other time it was this high, was in 2013. Although it didn't mark a top in the stock price, the stock did end up consolidating for several years after 2013. Worth noting.