{"id":64867,"date":"2023-06-18T09:40:00","date_gmt":"2023-06-18T16:40:00","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=64867"},"modified":"2023-06-19T10:34:24","modified_gmt":"2023-06-19T17:34:24","slug":"is-an-overbought-rally-next-frontier-for-bulls-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2023\/06\/18\/is-an-overbought-rally-next-frontier-for-bulls-the-market-breadth\/","title":{"rendered":"Is An Overbought Rally the Next Frontier for Bulls? – The Market Breadth"},"content":{"rendered":"\n

Stock Market Commentary:<\/strong><\/h2>\n\n\n\n

Last week started strong with Goldman Sachs (GS). Analysts there looked beyond the coming Federal Reserve meeting and hiked their year-end price target for the S&P 500 to 4500<\/a>. The index quickly moved half the remaining distance and opened the door for more price chasing by analysts before 2023 hits the halfway mark. The shifting price targets align with the upward adjustments for Q4 earnings expectations<\/a>. Combined with the Federal Reserve’s upward revisions for the economy<\/a>, there is clearly less fear and concern about a recession later this year.<\/p>\n\n\n\n

All these positive dynamics open the potential for an overbought rally in the coming days and weeks. Bears have complained about market breadth all the way up and suddenly market breadth is now at the frontier of an overbought rally. A push higher from here leaves them clinging to worries about a bubble. A pullback from here will get them declaring victory…even before the uptrend actually ends.<\/p>\n\n\n\n

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