Calling the Top, it can't be this simple, can it?
9.2.20 We had a high of 3588.11 today we closed at 3585.14 to form a double top (yet to be confirmed).
If this isn't a double top, not only will I lose a lot come Monday, but it would be an extraordinary turn of events on the market. I hope I'm wrong for the sake of a majority of investors, but there are so many indicators that scream "TOP".
Lower Volume as the market climbed this week.
Stocks trading above their 50 day is at 84% which is within 1% of 7 of the last 14 market tops.
Stoch RSI is a week into overbought territory.
Divergence up to 64.
MACD higher than it was in February.
On the weekly the MACD and Stoch RSI are almost identical to Feb. 18th.
A Hangman candle on the weekly chart.
The icing on the cake is the psychology. AAII sentiment spiked to a 15 year high! Ultimate contrarian indicator.
Even the put/call ratio is at a peak position.
I don't share much on here, but I don't usually have a lot to say. If you took the time to read this and you got something/anything out of it, shoot me a thumbs up and I'll continue to share as things come up. Not a lot of thumbs and I'll simply keep to myself.
I went 20% short at close today so I'd tell you to invest at your own risk, but in this case it's at my own risk LOL
If this isn't a double top, not only will I lose a lot come Monday, but it would be an extraordinary turn of events on the market. I hope I'm wrong for the sake of a majority of investors, but there are so many indicators that scream "TOP".
Lower Volume as the market climbed this week.
Stocks trading above their 50 day is at 84% which is within 1% of 7 of the last 14 market tops.
Stoch RSI is a week into overbought territory.
Divergence up to 64.
MACD higher than it was in February.
On the weekly the MACD and Stoch RSI are almost identical to Feb. 18th.
A Hangman candle on the weekly chart.
The icing on the cake is the psychology. AAII sentiment spiked to a 15 year high! Ultimate contrarian indicator.
Even the put/call ratio is at a peak position.
I don't share much on here, but I don't usually have a lot to say. If you took the time to read this and you got something/anything out of it, shoot me a thumbs up and I'll continue to share as things come up. Not a lot of thumbs and I'll simply keep to myself.
I went 20% short at close today so I'd tell you to invest at your own risk, but in this case it's at my own risk LOL
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