It remains an up market, obviously. But the uptrend is
more tentative. There have been some short term price
and breadth breaks of trend, momentum has slowed
noticeably, and there is a hint in the longer term
momentum work that the market may be entering an
interim topping phase. The strong intermediate term
overbought condition I have discussed in recent weeks
has eased some, but the market is near enough to being
overbought that it is hard to justify an expectation of
a sharp short term advance from the current level. In
sum, the market is rising but the trend is far less
assured and it appears to be maturing.
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