The stock market indices after last week’s big move had somewhat of a consolidation day in the blue chips, and yet a minor follow-through day on the Nasdaq 100 as several of the large-cap stocks had big runs today.
Momentum indicators continue to suggest an overbought state in the market. As such, Deron Wagner is inclined to wait for new setups to develop rather than chase the market or blindly jump into short positions.
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