Hamvestor, sorry for being unclear. If this is a new bull market, all this technical stuff is irrelevant. We may stay overbought big time until **** is re-elected.
I just favor an idea that this time is not any different than the previous tops during the last few years and, at least in the intermediate term, the path of the least resistance is down.
IMO last week top was artificially elevated because of the OEX. I don't think we will go this high in the near future.