Stock Indices Pause After Reaching Short-term Overbought

As of last night, the Indices were slightly overbought. This led to some type of pause or rotation lower to work off the overbought condition. While the open appeared to be developing into a move lower, buyers stepped in an the result was a pause for the balance of the day. That pause offers good trade location. However, longer-term the market internals are deteriorating.

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