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Takeaway: Mr. Market doesn’t seem too excited about shooting above the intraday high of Bernanke’s Top (SEP14, 2012 = 1474) and staying there.

POSITIONS: 9 LONGS, 7 SHORTS @Hedgeye

The immediate-term TRADE overbought signal I issued on Friday was based on a signal for lower-highs. This morning’s price/volume/volatility data is giving me another lower high.

Across our core risk management durations, here are the lines that matter to me most:

  1. Immediate-term TRADE overbought = 1474
  2. Immediate-term TRADE support = 1464
  3. Intermediate-term TREND support = 1421

In other words, Mr. Market doesn’t seem too excited about shooting above the intraday high of Bernanke’s Top (SEP 14, 2012 = 1474) and staying there. At least not yet. And with a lot of people forced to chase last week’s highs, I think that matters.

KM

Keith R. McCullough
Chief Executive Officer

Still Overbought: SP500 Levels, Refreshed - SPX