Here's a chart of the NYMO McClellan Oscillator - note that it closed in an extremely overbought condition. Now study the chart for a moment and note how well this indicator has been at marking at least short term tops and bottoms, the S&P 500 is plotted at the bottom. Therefore with the NYMO in such an overbought condition, it would not surprise me to see the market soon have some kind of pullback.
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