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INDEX STRENGTH: +10
Tailwinds resumed this week. The bullish readings remain intact as we burned off some overbought readings last week. Sentiment is dropping again and the VIX has settled at or below 20; both are positive signs for the bulls. The short-term index is at +5, while the long-term index is at +5. We broke the major downtrend lines on the S&P 500 and Wilshire 5000. Momentum continues to be positive, but we are starting to look overbought again.
January 28, 2023 9 PM EST