Extremely unusual market conditions !!

OBOSS has been stuck in an extremely overbought condition for weeks and the market has consolidated over the same time period.  When using Bollinger Bands to measure the consolidation (on the daily time frame) you can see they are compressed which usually indicates a big move is near (up or down).  OBOSS being extremely overbought indicates that market is ripe for a pullback.  I can’t remember a time in the past where the market has consolidated enough to compress the bollinger bands this much while the market remains overbought.

Caution is advised as a big move could be on the horizon.  While we don’t know which way the market will break out it seems the pot odds favor a pull back from this level.





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