The S&P 500 will top soon at 2925-2930

Will the S&P 500 top at 2925-2930 ?

  • Hell yes your short term top will be correct again

  • Hell no the bull market will set new all time highs and trade above 3000

  • You're still a fool for STFT

  • Who cares Desperado trades Billion dollar FX accounts recruited from twitter

  • Baron is still 12% body fat and will kick your a$$

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Laissez Faire said:
It would make it at least a bit more interesting if you said why you think the market is topping here.
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Good question, and although you didn't ask me, here is my take:

We have a doubletop on the monthly chart with RSI divergence, also reaching the top of its BB. Now the Muller report being released today might just provide the catalyst for the turn.

Even on the daily chart for the last 2 months we have higher highs but the RSI isn't going higher, it is actually diverging slightly. At least a temporary pullback is in order.
 
Pekelo said:
Good question, and although you didn't ask me, here is my take:

We have a doubletop on the monthly chart with RSI divergence, also reaching the top of its BB. Now the Muller report being released today might just provide the catalyst for the turn.

Even on the daily chart for the last 2 months we have higher highs but the RSI isn't going higher, it is actually diverging slightly. At least a temporary pullback is in order.
More...

Thank you for your comment. Should be interesting to see.

Now, for your last sentence - I agree, but this bull seems relentless and continues to surprise people. Also, there's a difference between a minor pullback and a 9 % (?) pullback.
 
Pekelo said:
Good question, and although you didn't ask me, here is my take:

We have a doubletop on the monthly chart with RSI divergence, also reaching the top of its BB. Now the Muller report being released today might just provide the catalyst for the turn.

Even on the daily chart for the last 2 months we have higher highs but the RSI isn't going higher, it is actually diverging slightly. At least a temporary pullback is in order.
More...

When did the market start to care about that? Ah, right, never...

Post back when you have something to say relevant to what actually compels the market rather than your observations of various indicators, all of which are immaterial.
 
Pekelo said:
Even on the daily chart for the last 2 months we have higher highs but the RSI isn't going higher, it is actually diverging slightly.
More...

RSI = 100 – [100 / ( 1 + (Average of Upward Price Change / Average of Downward Price Change ) ) ]

The rally started like gang busters off a panic low. The very nature of the RSI formula is designed to issue lower values as trends normalize. I'm not sure much should be read into any oscillator at this point other than very short term and then only for judging bottoms of counter trend pullbacks rather than picking the top of a runaway bull swing.
 
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