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WHAT THE INDICATORS ARE TELLING US
This is what the technical indicators are telling us this week:
One-month trend = Bullish. The bulls took control last week. To be precise, SPX rose by 51 points, from 4181 to 4232. The market continued on its merry way higher without a fear in the world. The futures are higher on Sunday night.
Mid-term (50- and 100-day MA) = Bullish: The indexes are well above their 50- and 100-day moving averages.
RSI: (S&P 500) @ 73.18 (WEEKLY) = Extremely overbought. RSI is in the danger zone (above 70 on the weekly), however, indexes and stocks can get more overbought before reversing.
MACD (WEEKLY) = Bullish. MACD is above its zero line and above its 9-day Signal Line. Until MACD gives a sell signal, the bull market is intact.
Daily Intraday Volatility (VIX): 16.69 = The VIX is on the low side, reflecting the lack of fear in the market.
Barchart Stock Evaluator for SPY and QQQ (link below): SPY and QQQ are both 100 percent buys (according to this indicator).
Comment: Because of an animal emergency, I must be brief (and sorry for being late in posting): The bulls are in charge unless something dramatically changes. RSI is giving us a warning sign.
Good luck this week and look for any clues of a reversal.
Stock evaluation program from Barchart: https://bit.ly/3v9Nj9G
For daily results of multiple indicators, read Yardeni Research: https://goo.gl/eT3fzA
For insightful analysis of the stock market, read Lance Roberts:www.realinvestmentadvice.com
For insightful analysis of economic conditions, read Wolf Richter: https://wolfstreet.com