Short this overbought market, target is 10 days moving average 1194-1200.

All three of the major market indexes are at year-to-date highs and at levels not seen since September 2008.

At this overbought level, you should take the profit and wait for another opportunity. I will not long this market unless there is 3% to 5% correction and a resume rally shortly after.

If you want to short this overbought market, you should have done that on last Friday because the 2 day RSI on most of the indices are over 99. It may take 2 to 3 days to digest this overbought situation. Target is 10 days moving average 1194-1200. S&P500 closed at 1125.85 on Friday, there will be 25-30 points profit if it hit 1194-1200 in the next few days.

However, patient investors may want to wait one more week before shorting this market because the momentum still on the way up. Your successful rate will be higher if the market is on the way down instead.