This is the weekly - nice bearish divergence. Still quite oversold but seems to be running out of steam, OBV for this market seems to be such an awesome indicator, looking back at all the big names and indexes with it, seems to nail turning points A LOT.
The main thing that worries me about going short here is simply the amount of new traders with stimulus money. Checkout sentiment trader charts and we are at frenzy levels of net long positions from retail. Which should be a great sign for calling a top, but considering we have record levels of stimulus just makes me concerned that if this is really a massive bubble, maybe it can keep going?
Either way have taken a short position, good luck to all!
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DISCLAIMER: I am not a financial advisor, this is not financial advice.
The main thing that worries me about going short here is simply the amount of new traders with stimulus money. Checkout sentiment trader charts and we are at frenzy levels of net long positions from retail. Which should be a great sign for calling a top, but considering we have record levels of stimulus just makes me concerned that if this is really a massive bubble, maybe it can keep going?
Either way have taken a short position, good luck to all!
**********
DISCLAIMER: I am not a financial advisor, this is not financial advice.