Back Where We Started

The S&P 500 is basically back to where it started the year following the rally over the past few weeks, as you can see in the chart below.


I'm also seeing that the short-term oscillators have moved into those overbought zones that, for the last few years, have produced a temporary topping action, which you can see in the charts below.
 


Also, I have seen improvement in investor psychology, but not nearly enough to convince me that the eventual low-risk buying juncture is here, but we'll just have to wait and see how this plays out from here.


Don Hays

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