US equity benchmark heads further into overbought territory with latest record

With the S&P 500 Index’s fresh high Wednesday, one technical indicator has the equity benchmark the most overbought since February.

Its GTI Global Strength Indicator — measuring upward and downward movements of successive closing prices — breached 70 on Tuesday and is now the highest since the index sold off in the middle of that month.

“We could see some short-term strength, but long term we’re a little more cautious about potential weakness,” said Anna Han, equity strategist at Wells Fargo Securities, noting that there’s uncertainty surrounding corporate tax policy and funding the proposed $2.25 trillion U.S. infrastructure package.


 Head of Trading Dimitar Kalapov

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