The market is all about making fools of those who attempt to divine its moves.
IMHO, the markets remain overbought and upside potential is limited. However, the market makes the decisions and if the market decides that it wants to go higher and higher despite what indicators are saying, then who am I to argue? Op/Ex tomorrow and then a three day holiday. If signs of distribution don’t become apparent by mid-week next week, then my call that the top is in is wrong.
60min chart of SPY. While I was absolutely certain that there would be a Bearish 13/34EMA X today, the market had other plans so, per the 60min trading strategy there is no ‘sell’ signal for SPY/$SPX.
Chart courtesy of FreeStockCharts.com
There’s an old saying on Wall Street that goes like this: It’s better to be out wishing you were in than to be in wishing you were out.
For the moment that is how I feel.