IEV - The Market Is Overbought And Likely To Deliver Slower More Selective Gains
I hate to be a party pooper, but I have to tell you that the stock market is grossly overbought. According to our friends at Bespoke Investment Group, 70.8% of the stocks in the S&P 500 are now overbought, which is the highest level in nearly three years (since March 2016). This 70% overbought threshold has only happened eight times in the past decade, according to Bespoke, and the S&P 500 has usually kept rising — by a median 2.1% and 5.6% in the next month and three months, respectively. So, the good news is