Technical Snapshot: Are Markets Overbought or Not?

Last week, I described the market action as probable quarter ending Window Dressing. Whether that turns out to be wrong will be determined over the next few weeks by the underlying condition of the markets. Are investors actually really buying stocks for more than 11 milliseconds, is there healthy accumulation, or was last week’s action just junk trading action?

The jury is still out. It will take some time to learn if Window Dressing was the right answer to the question “What is driving the market this week?”. Meanwhile, a few charts, courtesy of Ron Griess of The Chart Store, may help:

Advance/Decline Thrust

click for larger charts

Advance/Decline Short Term Overbought

% Stocks Over 50 Day Moving Average

This post originally appeared at The Big Picture and is reproduced here with permission.