Overbought? Who cares. We're having a party dude. ROCK ON DUDE!
Just thought I would throw this out there as a caution signal for the bulls and bears (yes, I said both). You would think this trend would come to an end sometime, but as long as the roulette table keep landing on red you ride the trend.
This analysis focuses on the Bollinger Bands and their interaction with price. Do you see a trend? See the red circles? Every time the BB has dipped to price a breakout has occurred. Some more than others, but every time on this recent run up this set up has happened there has been some sort of a rally. That is a bull cross in the overbought S Sto. The one thing that is different in this situation is there is now an apparently established upper trendline. The width of the daily BB's is extremely narrow (>43). Narrow BB's indicate impending volatility of some sort. Given the prior trends and the Opex Chart I posted this morning are we set for some more undeserved upside or does it tank from here. Sorry, I can't make the call. Just too tough to see and the indicators are not any help at this time.
Putting all the pieces together is getting tougher for NT trading as the past two weeks have been some sort of a mess as apparent bottoms and tops of some sort are being set. 1121 is just around the corner, the upper range of my original 1050 to 1121 top call. Be patient and let the trade come to you.