S&P 500 Overbought RSI Warning
Over 20% of S&P 500 constituents are flashing overbought warnings, suggesting widespread overvaluation.
Too little corroboration in the last 3 days to call a trend (2 articles). Watching for it to gain traction.
"Stock Market CAPE Ratio hits 40, a rare level last seen before the 1929 crash and the 1999 dot-com bubble burst, raising fresh Wall Street valuation fears."
"The is now technically overbought, with price trading above the upper Bollinger Band and the RSI above 70. Of course, the rally could extend further, but the odds at this point would favor either a pullback or a period of sideways consolidation."
"The strategist said the risk of an 'overshoot' is now 'high' as the S & P 500 'melts' towards 6,666, around 10% from the current levels."
"The S&P 500 closed at another all-time high on Tuesday, and in only five days, the Russell 2000 jumped almost 12% — hitting the most-overbought level since 2017."
"just over 20% (or 110) of the S&P listed stocks also are flashing overbought warnings when looking at the RSI indicator."