Scott Schlegel’s Stock Market Indicators – July 6th, 2019

Ultra short term is showing a little weakness on the recent run-up in indices.
Short term is overbought.
Medium term is slightly overbought and appears to be potentially rolling over with a much lower peak than reached in February showing some lack of breadth in this rally.
Long term has been flat for a month, and appears to potentially be ready to roll over much like the medium term indicator.

If there isn’t some dramatic solution to the weak breadth we’ve seen in the market recently, this rally is nearing its conclusion. July isn’t typically too bad of a month, but August can be.