U.S. Stock Rally Stalling as ‘Overbought’ Shares Add Up: Chart

HSBC Takes a Bullish Technical View on Stocks

One reason the U.S. stock rally may have halted on Thursday: more shares are breaching a level that technical analysts deem as “overbought.” Looking at relative strength indexes, which track how far and fast stocks move in a given direction, there were 55 more companies on Wednesday considered overbought versus those “oversold.” Since 2010, there were typically 17 more at any given time.

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