After the rally of the past 9 days, the markets are somewhat overbought. Some consolidation might make the ensuing move more sustainable. The number of SPX stocks reaching 30 day highs has broken the peaks of the previous 2 years (see chart).
% of S&P 500 Issues Reaching 30 day Highs
Source: Redwood Technimentals
The back and filling action at this point would be a healthy sign that the markets are not getting too far ahead of themselves.
Quote of the Day:
The measure of success is not whether you have a tough problem to deal with, but whether it’s the same problem you had last year.
- John Foster Dulles (1888-1958)
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.