The S&P 500 dipped in late afternoon trading, erasing earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months. The Dow shed 0.59%. The S&P 500 dipped 0.20%. The Nasdaq was down 0.09%.
S&P 500 now extremely overbought, Bespoke saysData compiled by Bespoke Investment Group showed theis now in "extreme overbought" territory, based on where it's trading relative to the its 50-day moving average.
The broader market index has rallied nearly 6% in the past three months partly due to strong tech gains.Markets continue climbing 'wall of worry' despite some bullish signals, Bank of America says "Many indicators have flashed bullish backdrop signals that support the case for a much higher equity market well into 2024," wrote Stephen Suttmeier in a Monday note to clients. "Bearish sentiment, light positioning and record high cash levels suggest that investors continue to fight the tape."
"Risk management support moves up to 4200-4166, which needs to hold to have confidence in last week's upside breakout," he wrote.Hamilton Reiner, the portfolio manager of the wildly popular, said Monday that the trillions of dollars sitting in money market funds could become a source of support for stocks even if the U.S. enters a shallow recession, as he expects.
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