The bull run in place since late Aug. remains intact. But, it is getting overbought on an
intermediate term basis against the 13 week m/a and the 12 week RSI. Moreover, it is
extended on the 14 week stochastic momentum measure. SP 500 chart. As well, the CBOE
weekly individual stock put to call ratio is at a low 50.5 average for the past four weeks.
That is not just very bullish sentiment, it is heavy betting on a rising market that is usually not
rewarded at such aggressive levels of short term speculation.
These warnings suggest the market is likely to pull back some over the next 10 trading days
and hardly signal a major turn of events on their own. But the market has put in a solid 17
weeks without major upset and it only seems fitting that it would stiff the optimists at some
point over the next couple of weeks.
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