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US Stock Market – In Need of a Correction

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The US stock market (SPX) is overbought and vulnerable in the near-term

Excerpted from this week’s edition of Notes From the Rabbit Hole, NFTRH 797:

The US stock market is in need of a correction. Now, will it get one?

On the CPI down day I looked at the market and decided to leave well enough alone because of course they were going to gun it to punish anyone shorting that down day on supposedly bad news (pumping up the hawkish Fed). But I looked at the gap near the all-time highs on the daily chart of SPX and thought ‘hmm, if they close that gap maybe give it a shot…’. They closed the gap and I gave it a shot.