Just use this chart to show how overbought this market is. STO has rise to the highest level since this bear market starts. For all previous three times oscillator reading above 95, we have a good pullback.
However, in bull market, it’s not rare to see such overbought levels and market can maintain in a overbought stage for weeks without pull back. From all perspectives, it is too premature to call it a bull market now. I am expecting a meaningful pullback at least clear this overbought levels.
0 Good Insights:
Post a Comment