S&P 500, Russell 2000 and Nasdaq are at risk of pulling back, charts suggest (via TradingNation)
breaking key resistance levels, so, that's positive. But all three of them are also getting quite overbought, so, it leads me to believe that we … may need to take a breather here early in the new year," he warned.
Same goes for the S&P 500, Maley said. While the index has repeatedly reached new all-time intraday highs — 34 this year, to be exact, including Friday — its weekly RSI chart is also starting to get a bit stretched, he said. "It's had an unbelievably great breakout, well above its November highs, but it's the most overbought of the bunch," Maley said. "Again, it gives me concerns that over the near term, once we get into the new year and past this kind of year-end euphoria, you may see a little bit of a pullback.""That's not saying, 'Oh my gosh, you've got to sell, the market's going to zero, it's going to flip over,'" he said.
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