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An overdue pullback?
June 21, 2023 at 16:38 PM EDT
Mid-week market update: The S&P 500 reached an overbought extreme on the 5-week RSI after nearing the top of an ascending channel and it appears to be in the process of pulling back. In the past, such extreme RSI conditions has seen the market rally stall. There is a strong support zone at about 4200, though it's an open question whether the index will reach those levels.
