"Indicators continue to be overbought but can stay there for some time, " says Burke.

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Technical indicators are in their overbought zones where the next short-term move is usually back down at least to a retest of the support at short-term moving averages, and below the moving averages if the technical indicators are going to reach their oversold zones before turning back up.

FORBES: Charts Provide Reliable Warnings

While the market could continue to rise the indicators that show short-term overbought conditions such as the RSI (Relative Strength Index) and the MACD (Moving Average Convergence Divergence) are both solidly in overbought territory.

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One thing that is clear, in our opinion, is that it was not enough to work off momentum divergences, overbought internal conditions and bullish extremes on many sentiment indicators.

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Sticking with the technical theme for a moment longer, the boys in the bull camp have been pointing out this week that the sentiment indicators have backed off of their extreme readings recently and that the market is no longer overbought.

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With my indicators on a sell signal for bonds since August 16, I have been warning about bonds being overbought and in danger of rolling over into a serious correction for several months.

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