Even without weaker economic data, the market is notably overbought and due for a pause.
The 14-day relative strength index for the S&P 500, a momentum indicator widely watched by Wall Street technicians, is at 78, the highest level since January 2018. Any reading over 70 is overbought, readings near 80 are very overbought.
The pause would be welcome, Young noted. "The market does better with two steps up, one step back," he said. "It would be nice to get a little digestion before another leg up happens."
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