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.
Cobra's Market View Private Messaging System shows:
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