Getting Granular – RSI on SPY 60 Min Chart Once Again Elevated

The RSI on the SPY 60 min chart is once again reaching quite elevated levels.

Over the past year, even as the market was working on or within a sustained up-trend, it has paid to wait for better entry prices when the RSI has been this elevated.

Also, at line (1) in the chart below, the market faces some near-term resistance.

Just a note that the rally of the past few days has certainly taken us quite a way in a short period of time.

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