MACD and RSI are screaming overbought. Any time over the past several months this condition has presented itself the market has fallen apart. I believe this time will be no different. Once the short covering rally is over from the BS comments about the banks running at profits before taking any write downs we will resume the down trend. I hope the market skyrockets this afternoon on the FOMC comments so we can REALLY get into overbought territory. The ride down is going to be one heck of a ride. Jump on board and short the stocks that are up several hundred percent over the past week.
This could be a false breakout...volume will tell the story. The Fed said economy is getting worse and essentially fabricating money to buy its own money...how does that work?