It's all about 850

Short-term momentum will being nearing overbought with any push towards the 850 level.  Overbought can lead to breakouts too so we can't assume an overbought condition in a shorter timeframe is time to sell.  But there has been some pretty good damage done to some technical indicators as of late.  The 845/850 will prove to be an important pivot point.  I imagine there will be some sellers right there.  In 'The Good the Bad and the Ugly' the projections I do have it going to 843 before turning back down.  The S&P closed at 840 yesterday.  The first projection at 900 was too ambitious as the highest it saw was 861 (futures).  Those are nothing more than projections.