Two Indices & One Big Stock: All Three are Quite Overbought Near-Term
- The S&P 500 and the NDX Nasdaq 100 are seeing the kind of overbought conditions that we have not seen since September 2020…just before a correction. Therefore, the stock market could/should be vulnerable to any material negative news we might get over the near-term.
- Tesla (TSLA) has become very overbought on a short-term basis. It could move a lot higher over the intermediate/long-term, but it wouldn’t surprise us if it experienced some sort of meaningful pullback before they report their earnings & roll out their Robotaxi in the weeks ahead.
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