Mid-week market update: I recently pointed out that the S&P 500 was becoming overbought and poised for a consolidation or pullback. The 14-day RSI had reached the overbought zone and the percentage of S&P 500 stocks above their 20 dma exceeded 90%. The market tried to rally today, but failed. Is this the correction?
Corrections can occur in price or time. The market could pull back (price) or the market could consolidate sideways (time).
The full post can be found here.
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