Why you ask since it's not in your opinion? I think the daily chart is trading in a potential sell zone. That's all I can tell from looking at the daily chart. That was some spikey action at the high. Maybe some bigger players think it's a good zone for some hedging? Ready to take an exit on day trade longs if we dip below 77 now. I was hoping FOMO would carry us to 4200, but I'm not uber-confident on that outcome for today. Could of course see a deeper dip and rally later in the session, but that's too uncertain for me. Nice. Still holding or taking an exit here?
I was asking opinions of others. I don’t think it looks overextended, yet. You think it does, according to your previous post.
Not really. I'm sure the concept of oversold/overbought/overextended have blown many trader accounts. I'm just recognizing that we're in an area which could trigger a major reversal lower. I see several price targets above 4200 as well, so I'm most certainly not calling a top. Making a prediction for days or weeks ahead without any QE and in this market climate isn't something I personally would attempt with my skill level at that.
We sure can go up to 4200 today (or even higher in the coming days) but we've had 4 days of constant whipsaws, which is a typical sign that the top is in. So I'm pretty damn sure the reversal is imminent. It's just a matter of time. We'll soon find out.
Losing steam here, but still holding above green for the day without dipping too much. The HOD usually comes in the last hour of the day, so it's not too late. Not worth holding through a deep retrace from here, though, as the day already delivered a good move and tagged yesterday's close. Trail aggressively if we start moving.
Already secured a green day on that trailing stop. Gambling 5 additional points on it becoming a very, very green day... But sure, greed is a factor here.