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Overbought Again

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January 10, 2012 – Comments (0) | RELATED TICKERS: SPY

The latest gap up has bought the market into another overbought condition with the PI showing a 68 which is above the oversold threshold.  The market has remained in a near overbought condition for a few days now so some selling pressure might start to come into the market.  This overbought with combined with technical analysis makes a good case for the bearish side. short-term.  Come back for more on this.  

Here's the Piker Indicator.

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