Interesting chart that can be interpreted one of two ways. Either it’s very bullish that we are nowhere near overbought levels when you compare the previous bullish time frames as we are barely making any new highs, and we have a long way to go before this rally ends. Or it’s very bearish that we’ve rallied 30+ percent on all of the major indexes and we’ve barely made it onto the positive side.
Personally I think the bulls are getting a tad bit carried away when you take a look at some of the moves individual stocks are making these days. It almost feels like last year didn’t happen these days, but it did and we need to be aware of what the market is capable of doing and not get lost in all this euphoria.
