S&P500 Companies and Markets Are At Extremely Overbought Levels

We computed the relative strength index values of all companies in the S&P500. The average RSI7s are now:

• short term: 67.46 (vs. 64.34 yesterday)
• medium term: 67.58 (vs. 66.62)
• long term: 64.83 (vs. 64.86)

That is an average increase of 2.06%. Clearly the increases are showing signs of saturation, as yesterday it was +3.67%.

In terms of overbought versus oversold:

Number of oversold companies:

• short term: 10 (yesterday: 15)
• medium term: 2 (yesterday: 3)
• long term: 1 (yesterday: 1)

Number of overbought companies:

• short term: 233 (yesterday it was 192); most overbought is CTAS (95.83)
• medium term: 234 (yesterday: 218); most overbought is TSN (94.33)
• long term: 183 (yesterday: 157); most overbought is HSP (91.12)

On average the ratio overbought to oversold is now a huge 50.0 (it was 29.8 yesterday). Simply amazing.