Stocks continue to plow ahead to new all-time highs on the S&P 500 IndexSPX, +0.19% This has created some overbought conditions, but as of this time, there are no sell signals in place. In fact, another longer-term bullish indicator has arisen (more about that later).
The SPX has support at the old breakout level of 2120-2135, so any correction should hold at that level. If it doesn’t, then sell signals would begin to appear, and we’ll have to alter our outlook.
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