Market Advance Is Slowing

The apparent resistance to the advance noted two days ago has been breached, pushing markets to new all-time highs. Consequently there are no levels we can look at as likely stalling points. We will have to let the market tell us its story. But the advance now looks as though it is slowing. The VIX has again gone to a very complacent level again, reflecting a public disregard for the dangers inherent in a market that has been in such a steady and uncorrected advance.

In the meantime, the high level of complacency has produced a string of low Arms Index numbers that have pushed the 5-day moving average to overbought levels. The 10-day has not yet had time to become as overbought, but the upcoming offsets are likely to take it in that direction. We see that on the second chart, below....266 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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