A week ago, we noted that there were three short-term, oversold buy signals. Now, more buy signals are occurring, and these are of the intermediate-term variety. The last hurdle was cleared today, when the $SPX closed above 2000.
Equity-only put-call ratios remain on buy signals, as they continue to decline from recent highs.
Market breadth has improved greatly during this most recent rally, and has now reached extremely overbought levels. That is not necessarily a bad thing, for we have often stated[...]