Very Overbought is Now Even More Overbought
Very overbought is now even more overbought and the market is behaving like it did in 2013 where everyone was afraid of missing the boat. On a long term basis this is a much better place to be than where the market was the first 5 weeks of the year. On a shorter-term basis, these levels need a breather and we’re likely within 1-2 trading days of that breather.