2300 on SP500 approaches, but turnaround come January?
Momentum on the SP500 is very strong right now, however the SP500 is nearing 3 standard deviations of the 200 Day volume weighted moving average. RSI is also very overbought right now, and is in a range where RSI typically peaks for the SP500. There may be a very small pullback before year end, however due to strong momentum, I believe a Santa Rally will take us to 2300. Afterwards in January we may see a strong pullback as prices revert back to the mean, or at least the 50%-61.8% zone of my Fibonacci Bollinger bands.
Right now I am reluctant to call a short on the SP500, as a Santa Rally could carry us to 2300 or beyond. If it does, at the time, I would look into placing a short to bet on a pullback come January.
Right now I am reluctant to call a short on the SP500, as a Santa Rally could carry us to 2300 or beyond. If it does, at the time, I would look into placing a short to bet on a pullback come January.
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