Sunday, June 8, 2014

Indices Are Overextended

RTS closed its  WYNN position on Friday.  Still waiting to buy replacement.

SPX, DJT, DJI, OEX and NDX put in new all time highs last week.  NAZ and RUT are still lagging behind, but chances are good that we see new all time highs by those two lagging indices soon.

For now SPX is over extended and very likely would sell off early this coming week to back test support at 1930 to 1920 before heading higher to yet another new high.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.