Thursday, 16 February 2017

US stocks at record high again, becoming extremely overbought but no sell signals

Stock markets rose on Wednesday.

The S&P 500 rose 0.5 percent to close at a record high for the fifth consecutive day.

The STOXX Europe 600 rose 0.3 percent to close at its highest since December 2015.

The Nikkei 225 rose 1.0 percent, reversing Tuesday afternoon's sell-off.

Lawrence McMillan at MarketWatch wrote that the US stock market “is becoming extremely overbought, but no sell signals have appeared yet”.

Indeed, Jeff Cox at CNBC concluded that despite all the uncertainties associated with President Donald Trump and his administration, “Wall Street believes one thing above all — that the Trump administration will survive and the U.S. economy will thrive”.

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