S&P 500 IndexShort
S&P500 finally ready for a correction?
I believe the S&P500 is finally ready for a (small) correction. Its record breaking uptrend has to come to an end somewhere soon. Based on the current IPO frenzy and the huge amount of companies that trade above their 200 day moving average (red line), I believe that a small pullback to the green trend line is very well possible. When greed is this high and everyone seems to be elevated about the stock market, that's when I signal a really overbought market right now. Yesterday' also showed high volume at high prices, possibly indicating selling activity.
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