S&P 500 Is Still Overbought

The S&P 500 has repeatedly hit record highs, but the index is now lower into week-end after spending 24 consecutive sessions in overbought territory. The past 23 sessions closed at least 1.5 standard deviations above the 50-day moving average, signaling stretched technical conditions and elevated near-term risk of consolidation.

Analysis

The S&P 500 has repeatedly hit record highs, but the index is now lower into week-end after spending 24 consecutive sessions in overbought territory. The past 23 sessions closed at least 1.5 standard deviations above the 50-day moving average, signaling stretched technical conditions and elevated near-term risk of consolidation.