"Stock Bulls: Overbought Doesn't Signal Sell, Market Still Has Room to Run"
Despite reaching overbought levels, the stock market still has room to run as confirmed sell signals have not been registered yet. Major resistance is at 4650, and a pullback to support at 4440 would close gaps on the chart. Market breadth indicators, such as breadth oscillators and cumulative volume breadth, remain bullish. Volatility derivatives and VIX buy signals also support a bullish stance. Recommendations include potential CVB buy signal and a put-call ratio sell signal in Edwards Lifesciences. Trailing stops and rolling procedures are being used for existing positions.
