Way too many knuckleheads on CNBC saying that March was the bottom and being bullish. Plus a perfect H&S formation in the middle of the day marking the top of this move. The ES futures are already down 6.5 points from the cash close. Look for a bloody week for the bulls as market is overbought and there is no fear.
Hope so, market needs another cleansing and bulls have to pay for their recent sins. I also need better bargains to go long on the next precipitous dip. How about some rumors of an overnight rate hike or the ECB not budging? Let's hope some financial come clean whats on their books. Next week will hopefully be blood red. Then the FED can cut and prop the market up again late April.
We may go down,but it will certainly not be due to the market being overbought. When the bullish% indicator is sitting at 45% I don't think overbought would be a good description.