A Testament to the Demand there is for Equities
To put in perspective just how strong (and overbought) this market is, consider the follow. We track over 3500 liquid US stocks and ETFs in our database. Coming into the day today less than a half of one percent have ConnorsRSI readings above 10. This is the lowest percentage we’ve seen and it’s a testament to the demand there is for equities.
A pullback is due. There are many stocks extremely stretched and ideally we’ll see a strong up move followed by an intra-day correction to create some selling pressure.