The market has worked off much of the short term overbought in
evidence over the past two weeks. Last week's sell-off was an
appropriate reaction, but was not of itself threatening. I still have
intermediate term indicators (6-13 weeks) on overbought readings,
but these are not always helpful in making shorter term decisions.
The market has maintained its uptrend off the March lows and
my tools do not preclude a further advance. Pieces are falling into
place to support the idea of a reversal of consequence, but the
case is still not clear. Keep in mind those intermediate term
overboughts and remember that the market is not finally clear of
the bear.
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