Traditional Bear Market Rally Reaches Overbought Territory

Until proven otherwise (meaning a close above the 200-day) this remains a very traditional bear market rally. The market is now overbought with the 2-period RSI of the Country Fund ETF Universe at 85.95.

Today is going to be dictated by the Employment Report and obviously anything that comes out of Europe.

The above is from Larry Connors’ Daily Battle Plan.

To learn more about the Daily Battle Plan, click here for more information.

Larry Connors is founder of TradingMarkets.com