John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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John Pitera

richardred

To: John Pitera who wrote (18519)	12/15/2016 12:43:15 AM
From: The Ox	3 Recommendations Read Replies (3) of 33421

Short term, SPY appears WAY overbought. I don't think this is any sort of significant top. However, I think this index could use a bit of a back fill move to digest the nearly straight up move we've seen over the past 5 weeks. The run has been spectacular. The market can stay overbought for a while but a pause here could be very healthy for the longer term bull run that appears to be taking hold. 5 to 10 points down would not be a big deal and would let some of the steam out of the boiling kettle. Test the moving averages before getting goosed again into the new year?

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