Overbought/Oversold Spread Turns Positive

Jul. 3.06 | About: SPDR S&P (SPY)

One timing indicator that we follow closely is the difference between the number of overbought and oversold stocks on the S&P 500. After Thursday's market gains, the spread turned positive for the first time since May 12th. The current number of overbought stocks is 109 while 97 are oversold: