My guess now?
The S&P is about 37 points short term overbought from the 50 SMA that's now headed upwards. It may go sideways for a day or so until the 50 SMA catches up. It may go down 10-20 S&P points then come back. But the chart is bullish so I stay the course and buy any dip
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I see you are judging its overbought based on differences in SMAs and not something like rsi.
I'm curious what makes up the rsi now