A crowded long, or a "good overbought" advance?
Mid-week market update: In case you missed it, the Dow Theory flashed a definitive buy signal. Both the Dow Jones Industrial and Transportation Averages made all-time highs on Monday. This is the granddaddy of all technical analysis systems, and investors should sit up and pay attention. Moreover, the Dow may be tracing out a series of “good overbought” conditions that are indicative of a sustained rally.
On the other hand, sentiment models are flashing crowded long and overbought signals. Is the market ripe for a pullback, or is this the start of a “good overbought” advance?
The full post can be found here.
Source: http://humblestudentofthemarkets.blogspot.com/2020/11/a-crowded-long-or-good-overbought.html
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