The PSAR is saying it is, as it put it's first sell signal on them since the first of the year, plus we're getting big divergences in the RSI and CCI, PLUS, the top DOG of the bunch, the single most over valued RETAIL stock in the history of the markets, AMZN, finally had it's 100+ P/E catch up with it last night, as it was down 9% after reporting, and I gag when I say this word, EARNINGS, so maybe they start the parade.
I've seen this before of course, they meece, they go down in the after hours, and then they end up higher the next day, sigh, wad ever, go for it, I'll be real happy for you.
Speaking of the, "DOGS", I, LOVE, this pattern, I don't know what in the hell this thing is, but I definitely like the pull back, an "Equal Move" targets this thing to $25. Nothing goes in a straight line of course (or doooooes it!!!), but your short term stop is VERY obvious, as I wouldn't be sticking around under Monday's low, as you just neeeeeeeeeever know what those obnoxious market makers will do with some thing like this, like, a SHAKE OUT! I picked this up over at "The Chart Swing Trader", over on the links on the right side, nice pick up there! He's got a couple of other nice looking ones as well, like PSS, TNDM and YNDX, although, even though the chart might look, "nice", I don't, "DO", Chinese things.
A few more I like are, LLL, FRX, and WHR (which, unfortunately, is NOW a Chinese thing).
I should mention that in running my scans for those stocks, in the S and P 500 there were 157 stocks that had "Key Reversals Down" yesterday, that's where you open higher, and then close lower, I consider that to be a LOT of them, wad ever, it probably don't mean diddly squat.
Also, and even more amazing, is that in those 500 stocks there was 5, count'em, FIVE, stocks with an RSI 8 that were UNDER 20, hahahahahaha, now, that's what you call just slightly over bought, BUTT, we can stay over bought for LOOOOOONG periods of time, as all the LOOOOOVE can go on for awhile.
Just as amazing, was that on an RSI 2, VERY short term, on THREE stocks were below 10, which is a very over sold condition, and they were some big outfits, COP, NSC and NOC. The problem, of course, is that with a very OVER bought market like this, should "IT" decide to correct, these stocks will be the first to get even MORE over sold.