A few thoughts on the current SPY points

Overbought indicators lately have been lacking in effectiveness. This in part is due to the high-liquidity diet given the bulls at the Federal Reserve feed lot. Two oversold indicators I follow have been valuable in the latest six-month run up, however. Keep in mind that during the meltdown last September-March these were entirely useless as trading tools. If we've indeed hit the dreamy wave 3 down, these should stay oversold for weeks / months at a time. If there is still upside, we should bounce shortly from current levels.

Cheers!
-Biff