The $NYMO (McClellan Oscillator) is very close to the overbought level. So this is what I am expecting today.
We pullback at the open, Then we receive the news from the European commission which will make us run around 141.68+. We will then have a strong close. At that point the $NYMO will be in the overbought territory. Retail investors will be thinking that this is the second leg of the run. Only to be finding themselves holding the bomb again as we sell hard tomorrow or Wednesday. But this time the selling will not be as violent as it was the past two week.
This is just a multiple scenario that I am expecting. And with that said, I will be looking into some short opportunities today and tomorrow, but if this plays like I just mentioned, I will be looking for some longs before shorting.
Please understand that this is my current interpretation of the market.
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