Although the index is lower to round out the week, the S&P 500 repeatedly reached more record highs recently.
Of the 24 consecutive sessions in overbought territory, the past 23 have seen the index close at least 1.5 standard deviations above its 50-DMA.
This is now the longest streak of firmly overbought readings (consecutive trading days with the index at least 1.5 standard deviations above its 50-DMA) since September 2020.
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Although the index is lower to round out the week, the S&P 500 repeatedly reached more record highs recently. With the rally largely unabated, the index has been in overbought territory (> one standard deviation above its 50-DMA) every single session
