It is pretty hard to believe the S&P 500 (SPX) and other major equity indices continue to press higher day after day without even the hint of selling. Our four key tactical indicators remain overbought and suggests “not chasing” the daily record highs. We have been saying this for the the past month, and is a great reason why we constantly explain there is a major difference between being negative and just waiting to add new money. Clearly, the consistency to the upside indicates there are a lot of folks way too cautious throughout the year and are trying to get invested as we approach the best SPX year since 1997.
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