Overbought Warning

As a service to my readers, in case publication of my article at SA this week is not in time for the Tuesday open: the NYSE Arms Index and McClellan Oscillator closed Friday at a level which indicates a heavily bought condition in the very short term. This suggests we may see a significant pullback early in the week. Be careful!

(click on chart to enlarge)

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One thought on “Overbought Warning

  1. Hi Harry,

    I agree. In my view, not only is the near term market overbought, but this rally is weak. Some indicators that I watch are still underwater, not trending with the upside.

    Thanks for your analysis, to help me along as I learn.

    Happy 4th of July weekend.

    Aloha,
    Shirley

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