I was looking at the chart of XLE after the close ! I couldn't believe my eyes when I saw the RSI readings ! Just wow ! Overbought can remain overbought but this is starting to feel a bit ridiculous. XLE is even more overbought that it was at its all time highs in summer of 2008 !
XLE is now a "fart away" from retracing 50% off this whole move at $64.50, not to mention also that it's nearing the high end of the expanding megaphone !
This ETF is clearly not a buy here but rather a short candidate as it nears $64.50. Shorts should be patient though because such an extended chart takes some time to top out and roll over !
