Jan 30, 2024
(1/30/24) Markets set another, new all-time high on Monday (which is what happens each time markets achieve another, higher close). Markets are over-bought, but Buy-signals are still in place (also, over-bought on multiple levels). Markets are now pushing into three standard deviations above the 50-DMA, but just because markets are so over-bought doesn't mean you have to have a correction: Markets can trade sideways for a while as upside becomes more limited. Buyers and sellers are pretty much matched for now, but once February arrives, we're likely to get some kind of a pull back. The current rally that started in October is getting rather long-in-the-tooth, and it will take some time to work off the "over-boughtedness."
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