Morning Market Commentary – SPX, DJIA, N-225, SSEC, FTSE, DAX, SI, CAC, GAS

Time for a pause for global equities?  The S&P 500 has posted gains in each of the past five sessions, pushing the large cap index well into overbought territory. Being overbought doesn’t necessarily conclude the positive trend, particularly on a longer-term time scale, but it does increase the probability of buyer exhaustion, leading into a retracement of some magnitude to follow.   The S&P 500 Index is presently testing the upper limit of the rising trend channel that has been in place since the mid-November low. Relative Strength Index for the S&P 500 is now surpassing 70.  012213 CGI Morning Market Commentary SPX,DJIA,N-225,SSEC,FTSE,DAX,SIE,CAC,GAS