S&P500 Index: Ratio Overbought to Oversold is 30:1

The S&P500 started the day significantly overbought yesterday, and ended the day even more overbought:

The average RSI7s are currently:

• short term: 64.34 (vs. 61.42 yesterday)
• medium term: 66.62 (vs. 64.63)
• long term: 64.86 (vs. 62.84)

That is an average increase of 3.67%.

In terms of overbought versus oversold:

Number of oversold companies:

• short term: 15 (yesterday: 16)
• medium term: 3 (yesterday: 5)
• long term: 1 (yesterday: 1)

Overbought:

• short term: 192 (yesterday it was 164); most overbought is CTAS
• medium term: 218 (yesterday: 178), most overbought is EL
• long term: 157 (yesterday: 146), most overbought is MJN

On average the ratio overbought to oversold is now a gigantic 29.8.

The two worst companies in terms of our favorite RSI-A are MYL and MIL, both related to the health sector.