I love this little intraday pullback in an upmarket!! There will be tons of opportunity to make an intraday long ---Izzy.
Pretty impressive...that's nearly $32k per contract. With 5 contracts, one could live on that pretty well.
One needs to define "overbought" to determine the risk. Earnings are diminishing so the current PE is the "overbought" determinator. Sentiment mostly drives markets to overshoots in both directions, however, on average, markets are efficient and will eventually reflect the fundamentals. The next 2 reporting numbers will say whether present highs are justified, these coupled with geopolitics and the fiasco on the trade negotiations makes correction more likely that continued new highs. If we want to use past patterns to indicate future movements then we need to look at the symmetry of the pattern when the fundamentals were similar... Applying pure TA without an adjustment for different fundamentals is quite meaningless in my view