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“Genius sees the answer before the question.” – J. Robert Oppenheimer

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

After surging nearly 6% from July 29th through August 4th (last Tuesday), the S&P 500 (SPY) has flat-lined since:

As shown below, key US index ETFs remain in overbought territory even with the S&P’s sideways action:

You can see just how overbought we got at the highs last week, with the S&P’s 50-DMA spread hitting its most extreme level in the last year:

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