The market is back to being slightly overbought today (ConnorsRSI reading of 75) after being slightly oversold yesterday (ConnorsRSI reading of 27).
If you looked at only price data, and shut everything else off, everything looks perfectly normal. In an age where the noise gets louder and louder though it’s easy to miss the fact that in normal bull markets like we are in now, oversold markets move to overbought repeatedly.
Sometimes it’s hard to ignore the drama the media creates but as you can see (especially over the past two weeks), this is exactly the way markets behave in the long run.
The rally may continue for a few days but if it does pullback again, we’ll look to go long.
Today’s Potential Opportunities on Further Pullbacks: