S&P 500 down 2nd day in row; oil down 5%

Even though the S&P 500 still has given me a clear overbought signal, it looks like the momentum to the upside is slowing at these elevated levels near 2430. I notice that the 200-day moving average is a whopping 8% below market prices. The low of just last month is a full 3% lower than today's prices. A correction could bring us to those levels.

Oil is really taking it on the chin today, down 4.75%. The recent low below $44 is not far off. We could see continued selling in June.

Gold has been incredibly strong over past 30 days. It hit a recent high of $1,296 but has not hit my next key level of $1,306. The MFI indicator tells me volume is decreasing recently as gold has rallied.

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