It was widely noted yesterday that the has been up 10 days in a row, but several other indicators seem a bit stretched as well.
By "stretched" I mean many big indices are far above their 50-day moving averages. Typically, when these indices get too far from that average, there is a reversion to the mean, and the index corrects or at the very least stops rising.
For example, the NASDAQ 100 ETF, at 109, is well above its 50-day moving average of roughly 103.
The Russell 2000 ETF has hit new highs seven days in a row. At nearly 123, it is several points above its 50-day moving average of 118.6, historically stretched.
Several sectors are also stretched and arguably overbought, particularly technology. For example, the Technology Select ETF, a proxy for the technology sector of the S&P 500, is also up 10 days in a row. It's gone from 39 to 43 this month and is well above its 50-day moving average of 41.
The hit another low for the year.