Wednesday, September 21, 2011

($SPX, $SPY) The market is overbought both in the intermediate and short term, breadth has been narrowing and the ratio of the KBW Bank Index to the S&P is on the verge of making a lower low. I now see one more indicator that is close to turning negative for the first time in weeks: the McClellan Summation Index. It won't take much to push it over and down.-H.Meisler

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