$$ S&P Overbought

The S&P closed at 1092 today, exceeding my outer 4 standard deviation Keltner Channel (50,4.0,25). I use these Keltner Channels to help identify overbought and oversold conditions.

In addition, the S&P is making intermediate term bear divergence with the RSI(14) momentum indicator as well as with the McClellan volume oscillator.

Finally, note the March 9 close of 676.53 * 1.618 = 1094.6. Thus, we have completed a Fibonacci retracement.

Look for a topping pattern in the next day or two, followed by a ~15% correction culminating in November. My preferred trading vehicle to take advantage of this correction is SDS, the double inverse S&P ETF.