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Scott Schlegel’s Stock Market Indicators – January 10, 2019

10 January 2019
Ultra short term is overbought descending from extremely overbought.
Short term is extremely overbought. In good news, it cleared recent highs made when the market was much higher so there is some inefficiency there.
Medium term has seemingly broken out of its downtrend started in early 2018. It is not overbought yet.
Long term is finally reaching very oversold levels typically seen near long-ish term bottoms.

Considering the above, it’s a positive sign the market seems to have broken out of its persistent negative patterns that existed all 2018. This bounce is strong enough to question its relentless rise without a re-challenge of the lows. It “feels” unsustainable. For people who bought on Christmas Eve, you’re enjoying impressive gains.

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