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Morning Matters:

S&P 500 No Longer Overbought
by Geoff Garbacz

September 5, 2018

Last Tuesday we noted that the S&P 500 was overbought. As such, we expected a pullback in short order. Our QPI Overbought/Oversold indicator is now at 63.03 a week later which removes the overbought position.

The other times we were this overbought included July, May and January. In each instance, there was downside action after the QPI Overbought/Oversold indicator moved back under 70.

The peak in the S&P 500 was last Tuesday at 2916 and yesterday the S&P 500 closed at 2896.72. Futures are lower this morning by -7 on the S&P 500.

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