11/04/2008 Market Recap: Market Overbought


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Not much to say today, let's see how the market reacts to the election result.  Technically speaking the market is extremely overbought and due for a pullback over the short term.

0.0.2 SPY Short-term Trading Signals.  Look at the overbought indicator and see how similar those blue circles are.

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1.0.4 S&P 500 SPDRs (SPY 15 min), 1.2.4 Diamonds (DIA 15 min), Bearish Rising Wedge, MACD and RSI show negative divergence.  It should pull back.

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2.0.0 Volatility Index (Daily).  VIX is oversold.  If it bounces back, the market should pull back also.

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7.0.6 SPX and VIX.  SPX has not formed a higher high yet but VIX has a lower low now, which is a negative divergence.  This chart is for your information only. 

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3.2.0 CurrencyShares Japanese Yen Trust (FXY Daily).  Yen is oversold.  Its potential rebound is bearish to the stock market.

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