Short Term Overbought?

04/20/2009 9:52 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

Though the intermediate-term indicators are still positive, the short-term indicators allow for a pullback this week. The McClellan Oscillator is at +224 after reaching +300 early in the rally. The oversold level is -300. A pullback to the zero line should set the stage for a move to new rally highs.

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