Near Term Trend: Positive
Friday’s Close: 2213.35 (+ 8.63)
UPDATE: In the last thirteen trading days, since Election Tuesday on November 8, the S&P 500 Index (pit trading only) has gained 4%, documented a new historical high, and shows no signs of relenting.
In our two reports we stated, “What now- I don’t expect a new historical high (above 2195.75- Aug 15). Buyer beware, however- the bid is relentless”.
It certainly remains on a relentless bullish pace, and violated the old high historical high at 2195.75 by 15 points this past week.
On a near term basis, it’s certainly overbought, based on the 9- Day RSI which is at its highest level (78.23) in nearly two years. A reading below 70.00 could be an outright sell signal. We will monitor.