Is the Market Really Overbought ?

Commentators this week are almost unanimous that the market is overbought.

Yet, the market may not really be overbought. Essentially, only the SPX, and NDQ are being bought by players, everything else is being sold. Net macro position is zilch.  This could go on a long time, until the Russell gets overbought, maybe January 2025 and at much higher levels.

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