{"id":3376,"date":"2010-11-12T01:13:37","date_gmt":"2010-11-12T06:13:37","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=3376"},"modified":"2010-11-12T02:59:13","modified_gmt":"2010-11-12T07:59:13","slug":"46days-overbought","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2010\/11\/12\/46days-overbought\/","title":{"rendered":"46 Days and Counting for the Market’s Overbought Conditions"},"content":{"rendered":"

Another week, another extension of a historic overbought period in the S&P 500.<\/p>\n

Based on the closing performance of the stock market’s major indices, you probably would not guess that one of the stock market’s largest companies (Cisco) lost 16% on the day<\/a>. If there was a day for the market to have an excuse to sell-off sharply, today was one of those days. However, the market fell far short of the big volume, big decline day that I keep awaiting before I get firmly bearish on the market’s stubborn overbought conditions<\/a>. <\/p>\n

My favorite oversold\/overbought indicator did not even fall below its overbought threshold. T2108, the percentage of stocks below their respective 40-day moving averages (DMAs), continues to float above the 70% overbought threshold. The string of 46 straight days in overbought territory is the sixth longest streak since 1986<\/a>.<\/p>\n


\n
\"T2108<\/a>
T2108 still clings to (historic) overbought territory<\/figcaption><\/figure>
\n*Chart created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long SSO puts<\/p>\n","protected":false},"excerpt":{"rendered":"

Another week, another extension of a historic overbought period in the S&P 500. Based on the closing performance of the stock market’s major indices, you probably would not guess that one of the stock market’s largest companies (Cisco) lost 16% on the day. If there was a day for the market to have an excuse … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[62],"tags":[226,1597],"class_list":["post-3376","post","type-post","status-publish","format-standard","hentry","category-technical-analysis","tag-t2108","tag-technical-analysis"],"yoast_head":"\n46 Days and Counting for the Market's Overbought Conditions - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/11\/12\/46days-overbought\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"46 Days and Counting for the Market's Overbought Conditions - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Another week, another extension of a historic overbought period in the S&P 500. 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