A Long Way

We have come a long way and the market seems to be faltering.  A pullback would not be all that surprising but betting on the downside is far from a layup.

  • We are seeing put buying today signalling that participants are still fighting the rally.

  • The two days heading into Labor Day have positive seasonality.

  • We are not yet maximum overbought.


This afternoon pullback might be fueling us up for a further rally through the end of the week.

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