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“There is always some kid who may be seeing me for the first time. I owe him my best.” – Joe DiMaggio

On this day in 1941, Yankees star Joe DiMaggio extended his record hit streak to 56 games, which would end the next day.  July 16th was also the day of the first atomic bomb test in New Mexico in 1945.  J.D. Salinger’s Catcher in the Rye was published on July 16th, 1951, and the Apollo 11 moon-landing mission launched on this day in 1969.

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

While the S&P is down just 0.3% over the last week, we’ve seen overbought levels work themselves off for some of the key breadth levels we watch.

The S&P’s 10-day advance/decline line had gotten to one of its most overbought levels of the last year earlier in the month, but it’s currently sitting just below the flat-line.

The percentage of overbought stocks in the S&P has also fallen from a reading above 50% down to 32%, while 22.6% of stocks in the index are now oversold.