S&P 500 Index
Investment Thesis
SPY just tagged a fresh 52-week high with RSI at a near-impossible 96.83 — one of the most extreme short-term overbought readings on record — while equity put/call collapsed to 0.41, screaming excessive call speculation. Even within a healthy medium-term uptrend, this combination almost always produces a consolidation or short-term pullback first.
Catalysts to Watch
SPY closed at a 52-week high ($710.14) after a +12.6% rally in under 3 weeks, pushing RSI(14) to 96.83 — an extreme reading rarely sustained — while the equity put/call ratio dropped to 0.41, triggering a contrarian "extreme greed in calls" signal.
Why It May Work
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Timeline
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