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S&P 500's Most Overbought Close in More Than a Year
The chart below highlights the level at which the S&P 500 has traded relative to its 50-day moving average (DMA) over the last year (measured in standard deviations). As shown in the chart, today’s close puts the S&P 500 into ’extreme overbought’ territory (2+ standard deviations above 50-DMA) and at its most overbought level since November 2009.
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