$SPX / $SPY Chart, Nov 27
Here’s the chart I’m trading. Sure, the 13ema and 34ema supports held, but notice how overbought S&P 500 is despite several corrections in the last couple of weeks. Nothing is helping this overbought condition so far. It needs to drop further to alleviate that.
TRIN was above 20 this morning, crazy bearish, it seems they were selling everything across the board. And lots of selling on strength over the last few days, SPY, GLD etc.
Note to self: best to short Russell, much more volatile on the downside.
Click to enlarge
More on this topic
(What's this?)
Selling Options is no free lunch
(Dividend Growth Investor, 10/16/09)
What to Watch for on SPY and the S&P 500 Index
(Scott's Investments, 7/18/10)
S&P500: Death Cross or Buying Opportunity?
(The Technical Take, 7/21/10)
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