Getting Granular – RSI on SPY 60 Min Chart Reaching Extreme Levels Seen Only 4x in Past Year

The RSI on the 60 min SPY chart has only been this elevated, whether it be euphoria or something else, 4x over the past year.

Once was in early July 2011 when Greece managed to secure a release of bailout funds needed to avoid default.

All proved to ultimately be unkind areas to stocks shortly thereafter with only one representing an area where a sustained up-trend had just gotten underway.

If one believed that sustained upside in equities was indeed about to follow, from an execution standpoint they would be best served waiting for that same RSI to back off such elevated levels – this could occur through time-based consolidation and/or a pull-back.

 

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