ES MFI Close to overbought

5 thg 10, 2020

DOn't chase the market too hard today, looks like MFI is getting close to overbought. RTY MFI is already overbought.

Market will drop and close the weekend futures gap when overbought. Looks like possibly another whipsaw week..... keep in mind this gap up just means the market made up for the Trump COVID tank from Thursday night.

5 thg 10, 2020

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Pumping on very light volume so MFI isn;t moving up, probably won;t reverse until tomorrow. Dumped my calls though.

5 thg 10, 2020

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I don;t see it doing much of anything, maybe an afternoon whipsaw like last week.

Expecting a gap up to get overbought tomorrow, and possibly a reversal.

5 thg 10, 2020

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Now touching overbought on MFI but I'm thinking it tags the magenta line again before reversing.

Holding a few NKLA puts I bought this morning, but not holding anything else, gap can go eitehr way tomorrow morning. I assume up though so the algos can do their usual pump and dump.

6 thg 10, 2020

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MFI no longer overbought, and RSI hasn;t gone overbought yet....

Possibly another pump, lol.

6 thg 10, 2020

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Stimulus on hold until after elections, gonna be a rough month for bulls