Hey everyone, thanks for stopping by again. Here is what the tea leaves are reading for the US stock market after last week’s close. Still quite overbought meaning it is not a high probability entry spot – that is not to say that they will not keep rising, but odds of a good return are lower at this point.
Short term remains overbought and seems to have in general risen for the past two years. I wonder when that trend will break, and what it means.
Medium term is similar to short term. Definitely showing a divergence in highs from the previous high.
Long term is hanging out near previous highs and highs going back to 2011.