You can't call this market overbought when so much of it isn't participating.
The S&P 500's valuation continues to be extended.
Can the market break out from its recent pause?
It would not be unusual to see a consolidation of recent market gains before the current uptrend resumes.
Traders and investors are looking ahead to the next potential market catalyst.
I find this action most likely to be less than sustainable, without provoking an algorithmic counter. In other words, don't just be nimble, but tread softly.
The action so far looks to be driven more by fear of being left out than euphoric chasing.
Only one major index now remains in a downtrend.
Yes, the cost of doing business in the U.S. is going higher. How close are we to becoming an artificially managed economy, which by the way has failed on every attempt made in human history?
The disconnect between the indices and the speculative favorites will be a crucial issue as we move forward.