Just overbought, or a "good overbought" signal?
In order for this rebound to turn into an uptrend, the market has to show some positive momentum, with a series of “good overbought” conditions. Such episode tend to be characterized by RSI-5 (top panel) getting overbought and staying overbought, as well as the SPX riding the top of the Bollinger Band (BB). The chart below shows some past examples of bullish impulses in the last two years.
Can the market continue upwards, or will it stall as it tests resistance at its all-time highs? Will the market focus on the bullish message of the Trump tax proposals, or news reports indicating that the Trump administration is giving notice that it is getting ready to withdraw from NAFTA? Here is what I am watching.
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Source: http://humblestudentofthemarkets.blogspot.com/2017/04/just-overbought-or-good-overbought.html
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