The S&P 500 has been driven higher by large-cap hyperscalers and semiconductors over the last month.
The index would need to fall 8% just to get back down to its 50-DMA from these levels.
The S&P's price has now been "overbought" (more than one standard deviation above its 50-DMA) for 23 straight trading days.
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The S&P 500 has been driven higher by large-cap hyperscalers and semiconductors over the last month. This has pushed the index significantly above its 50-day moving average, indicating it's well above trend right now.
