As many of you know, we have been pretty constructive on the market, and in my last few columns, on Jan. 8 , Jan. 23 and Feb. 4 , respectfully, said that the S&P 500 (SPY) was not extended based on our proprietary countertrend reading.
You may recall from our last column we showed the most overbought markets in the last 18 years based on our countertrend measure. Currently we are at a reading of -.63 on our countertrend reading, below are the six most overbought markets in the last 18 years and how they performed 30 days later.
