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Yesterday’s high-powered rally resulted in a number of classic overbought signs. Traditionally, this would be seen as a sign of weakness to come, and this may indeed be the case, but given how fast, far and broad the move was, it could be a sign of medium-term strength.

The charts below show how much the percentages of stocks above certain moving averages have travelled in a single session. While the market is now overbought and could unwind a bit in the very short-term, it is also showing signs of strength that may be positive for the medium-term.

Percentages of S&P 500 Stocks Above 5, 10 and 20-Day Moving Averages


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