The limit order of 57.70 on SDS has not been hit yet, but the short-term model just touched the overbought level. Today has a trendy look for stocks, so the market may move higher and fill the limit order, but I am going to post the entry now at 58.00 and consider the trade active.
Pete
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Short-term model is now very overbought, and the Nasdaq model has also reached overbought territory.
ReplyDeleteThe technical indicators look very solid for some measure of a pullback to begin tomorrow. I like to track 5, 15, and 30 or 60 min stochastics. When they all are overbought or oversold together, you are getting a confluence of time frames being extended in one direction.
As I type the 30 and 15 are overbought, the 5 is overbought with bearish divergence. The 60 is not yet overbought, but that is not always necessary.
From time analysis of the move up from last week, 3:00 ET today was the time I would project as most likely for the market to make its highs, so I would definitely try to get in before the close today if possible.