Very Overbought

While we didn't build onto yesterday's gains, the bulls made absolutely sure to circle the wagons in the final hour.

That late day effort was technically important as they managed to rally back from those March highs which many now hope will now become solid support on which to launch an widescale attack on the key 1400 level. Overbought conditions no doubt kept the buyers at bay as some took profits and repositioned their holdings before earnings season. (In fact, we're now more overbought that at any time since last October.) In addition, the financials lost their mojo a bit as commodities once again attracted the buy the dippers.

For roughly 6 hours today I spent scrolling through charts and running sector scans to get a better idea of what I missed over the past couple of weeks. On thing that I'm sure many of you have already noticed is the relative strength of.....[READ]