Looking forward, President Trump will speak during an Economic Club of New York luncheon later this week. Federal Reserve Chairman Jerome Powell will make an appearance on Capitol Hill on Wednesday and Thursday. And House Democrats are opening their public impeachment hearings this week. So far, markets have largely ignored the idea of impeachment.
Technically, markets are stretched.
If you look at the chart above, we can see the index is now struggling at its upper Bollinger Band (2,20). Each time it gets to that upper Band, it tends to pullback shortly after. RSI, MACD, and Williams’ %R are all overbought, as well. RSI is just under its 70-line and overbought. Williams’ %R is above its 20-line.