Afternoon Market Update for September 18, 2013

The indexes and now trading above the recent highs, the FOMC comments did not deter bullish sentiment, obviously. However, the markets have now gotten overextended, away from the MA's and furthermore the 8ema. This would warrant watching for profit-taking. Be prepared to take some profits off the table in the near future. Note the magnitude of today's candles in the indexes, this is a sign of exuberance, be nimble, be prepared. Have a great trading day.