S&Ps 72 Handles Away From Moving Average!

Markets made a new high today all because the federal reserve stated that they will not rush to raise interest rates. The markets are extremely overbought. They need to pull back on the daily charts and should have a pretty good pattern for a buy entry for intermediate traders. Still if I were a long term investor, I would use this rally as a way where I would lighten up. Oil and gold did zero today. Gold is negative in daily charts and oil needs to hold above the 46.70 level on the daily charts. To recap: we are 72 s&p handles away from one of my 10 bar moving averages and my work has shown me that at that distance the market needs to catch a breath and pause and pullback.

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