The McClellan Oscillator is indicating that the NASDAQ is overbought.
The NASDAQ rallied in the morning and again in the middle of the afternoon and managed to hold on to most of its gains into the close. We are heading into resistance set by the July highs so tomorrow should be a cautious day for the bulls as we will likely get some profit taking. However, we have a few economic indcators that may set the tone: Initial claims at 8:30; followed by Chicago PMI and Factory Orders at 10:00.
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