Mid-week market update: I have been calling for a period of consolidation and pullback and that phase of the market seems to have arrived. As the S&P 500 weakened and the VIX Index spiked above its upper Bollinger Band, indicating a short-term oversold condition, this stock market has been remarkably resilient. The 5-day RSI traced out a positive divergence, and the NYSE net new highs remained positive during this episode.
Does this mean the correction is over?
The full post can be found here.
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