Not much to talk about today. In the short term the market is neutral, while the intermediate term it’s still overbought. It seems the pullback would never happen, however I believe this situation won’t last for too long. My wild guess is that, the market tends to walk symmetrically as what we’ve seen in nature very often. Prior to this rally, there was no decent rebound during 18 trading days, so this rally may last 18 trading days as well without significant pullback. Note that today is the 13th trading day, 5 more days to go?
Let’s check out how overbought the market is at this point of time. The bottom line is whatever overbought shall be corrected by sell off sooner or later.
2.4.4 NYSE McClellan Oscillator. Overbought, the overbought setup on McClellan Oscillator is fairly accurate.
T2122 from Telechart, 4 week New High/Low Ratio is still overbought. This indicator is also quite accurate.
0.0.3 SPX Intermediate-term Trading Signals. STO has reached a new high while NYADV and NYUPV are still overbought.