Financials Stay Hot And Extremely Overbought

The S&P 500 Financials sector extended its overbought streak to 24 trading days and made a new all-time high as of yesterday’s close. The sector has now also risen for 6 straight days, with each close occurring in extreme overbought territory (at least 2 standard deviations above its 50-DMA). This is a rare occurrence for the sector, with just 7 winning streaks of 6 or more days in which every close was at extremely overbought levels.