Stock Market -- Short Term Technical

The rally underway since the end of Aug. remains solidly on track. It displays a sensible
trajectory and is confirmed by rising 10 and 25 day m/a's. The NYSE adv / dec line is
closing in on a new all time high and my Buying Pressure Gauge is at a cyclical high.
My 40 wk. oscillator reading remains solidly positive and is only slightly overbought
for the intermediate term.

The market is overbought short term, but no topping process is yet underway. However,
the RSI and MACD readings are extended enough to warrant that traders take careful
notice.

My cycle work suggests a low point over the next 7 - 10 trading days, but the market
has hardly set up yet for a decline. Experience here suggests not altering a positive view
until there is a crack in the current rising trend line based on closing prices.

Chart.