Replies to post #16856 on T/A ETF AND INDEX

[Torqputty]

For the last couple of weeks or more, the Bears have been calling a "Top" in the markets. I followed suit based on the S&P500 weekly stoch 5.3.3. and negative D's... To me; it is obvious that the markets are over-bought. The problem with the call is the overall-trend would stay in overbought territory with no market correction as widely expected.

The statement "overbought" is true... but there will be no correction or significant pull-back until the market makes the break... So..I'm looking for a market "top" to sell into and also looking for a "Break In Trend" to confirm the top. Here is a borrowed chart from cobra's view showing what I think is the prevailing trend. I'm saying the lower trend line is the Prevailing Trend or the Bull support line. Until the line is broken there is no top.

Current Position; long BA

http://lh4.ggpht.com/_APmrYvpA45s/Sf-1gX8bt_I/AAAAAAAADCc/6bAvBs9DhlY/s1600-h/SPY60min%5B2%5D.png