Overbought.. again

Overextended

The major market averages are overbought once again, just in time for retail investors to throw money at it.  In my opinion, this is a super dangerous time for market participants.  The Sirens' song is tempting, but there ain't no way I'm jumping in.  The "larger" Elliot waves seem to be completing, weekly oscillators are really high, daily oscillators are really high, 4 hour oscillators are really high, and the RumWave chart is set up for a disastrous negative event.  What it will be, I can't say.  Not to be a doomsdayer, but I'm a little nervous.  To add fuel to the fire, there has been increased noise on the media outlets I pay attention to (CNBC, Wall Street Journal, and Bloomberg) that interest rates are ready to move up, in spite of Fed action.  What a change of events that would be..  Most pontificators on the subject don't act as though it is going to happen in the very near term, rather sometime next year.  But I wonder how the banter will make the "smart money" react to a negative catalyst.

IMPORTANT NOTE ABOUT THE CHART:  The graphical depiction of the scores (above) is not correlated to the color coded scores.  Meaning, the graphical charts are of the scores since I created the blog last year, it is a little easier to see that way.

GOOD LUCK TOMORROW!