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Is This the Top for the Market Now?

 
 
 

AAPL, Top For Stock Market

The stock market has been on an unreal run the since the New Year.

Released on Wednesday, February 15, 2017, 5:00 PM ET
by Email Russ UrbanContact SpeculatingStocks

Pittsburgh, PA (SpeculatingStocks) - The stock market has been ignoring overbought conditions the past 5 trading days. The new economy under President Trump is being priced in along with a corporate friendly tax plan expected to be announced in a week or two. The market needs a breather for three days and then it will likely resume its climb higher as conditions are extremely bullish right now.

The NASDAQ has climbed the past 7 trading days, DOW has climbed the past 5 trading days, and the S&P has climbed the past 7 trading days. An RSI (Relative Strength Index) of 70 is overbought. The NASDAQ is at an RSI of 80.50, DOW at an RSI of 77.22, and the S&P at an RSI of 78.01. It sounds nice on CNBC to say ignore the technicals, but history is on the side of at least a breather happening, likely tomorrow, Thursday, 2/16. This very much looks like a top at least for the moment.



Some extremely overbought big names in the market: Apple (NASDAQ:AAPL) trading at an RSI of 90.31, Tesla (NASDAQ:TSLA) trading at an RSI of 84.31, Cisco (NASDAQ:CSCO) trading at an RSI of 80.32. Techs were lagging behind, but now they've caught up and have become overextended.

The VIX was up over 10% today indicating volatility is starting to enter the picture. We could see 100+ up and down days back and forth on the DOW as money shifts around rapidly and the news cycle works the market in different directions.

The market truly could become a bubble as the year progresses. It could start to look like the late 90s all over again, which is great for investors. To end the week, don't be surprised to see some profit taking and reentry back in next week.

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⇒ About the Author of this News Article:

Russ Urban has been following the stock market for over 17 years and holds a Bachelor's Degree in Finance. From a young age, he watched CNBC with a keen eye and became obsessed with the market and technology. Russ Urban has written hundreds of stock articles and stock picks through the years since he founded SpeculatingStocks.com, Inc. in 2006 and holds strong faith in the power of the markets and capitalism.

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