There are no indicators you can add to a chart that trigger an alert when a market has peaked. If there were a bell at the top it may have been rung today. All the big cap indexes are hitting RSI highs that have not been seen in several years. The Nasdaq 100 at 79.63 is the highest level since July 2014. Indicators can continue to be overbought for days or weeks but the higher they rise the more likely we will see a dramatic fall.
I am not recommending anything today. I do not feel good about adding long positions when the market is this overbought and potentially setting up for a decline, even if it is just a minor bout of profit taking. Call premiums have inflated because of the rally and the instant the rally ends, even if it is just for a day or two, they will deflate immediately. Even stocks with bearish charts are in rally mode. Be patient, a buying opportunity will appear.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays