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The S&P 500 has gained another 1% since making a new bull market high on Tuesday, leaving it well into the red zone in our trading range chart of the index below.

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The move over the last two weeks has pushed the S&P 500's 10-day advance/decline line well into overbought territory. The 10-day A/D line measures the average daily number of advancers minus decliners over the last 10 days. When it hits extremes to the upside and downside, a short-term reversal in the recent trend is usually in store. As shown below, today the 10-day A/D line moved up to its highest level since the end of 2012. This doesn't mean that the long-term uptrend of the market is suddenly at risk, but it does mean investors should be careful on the long side over the next few days.

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Source: 10-Day A/D Line Short-Term Overbought