Extremely Overvalued and Upside Is Unlikely

The S&P 500 hit the high of 1962.42 continuing to selloff from our change in trend call for July 24 from 1991. Traders need to watch for any violation of the 1955 in 1960 range as this could continue issues for the overall market since we are seeing large divergence on the 60 minute chart and all our targets, three indexes have been reached. We do think that this market is extremely overvalued and the upside is becoming less likely or at a much greater risk for the reward.