Friday June 2, 2017 @11:59 pm edt.
The S&P 500 ($SPX) continued its parabolic run to 2,500 today after it added on 19.56 yesterday on better then expected jobless claims and then today on a contracting May Non- Farm Payrolls. (MAY LABOR REPORT) The S&P 500 ($SPX) with today’s 2439.07 close is up 100.13 points since the Mulder/Trump pullback 13 trading days ago! That pullback was less then 3% and meant that the index hasn’t had a 10% correction since it traded sub 1,650 in 2011 and is now up over 440 points since the GOP3 swept the Nov 8, 2016 elections!
How much higher can the index go? Well, it’s now in rarefied air as it’s 10 year monthly chart below shows that on a monthly basis the index at 77.40 RSI (50 is considered neutral bearish/bullish over 70 is considered extremely overbought and 3o is considered extremely oversold.) a level it’s only seen 2 times prior both resulting in at least 10% corrections less then 90 days later. To put how overbought the index is right now at 77.40