The market is getting very extended on a short-term basis. This year has started very strong, up 4.2% during the first 9 days of the year. The stock market is in a very highly overbought condition. You could also argue that the intermediate view of the market is at an extreme. The S&P 500 has not had a pullback in over 13 months, the longest period on record.

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Market in a Minute 2018-01-17