Well, if we forget about the overbought, then there’re 2 conflict signals.

CPC < 0.8, from the chart below, there’re 78% chances a green close tomorrow.


Both VIX and SPX were green on the same day, 8 out of 10 times (by counting red lines on the chart) recently a red close the next day.


Seasonality wise, tomorrow will be the most bearish day in July, therefore I think bears may finally have some chances tomorrow.