Overbought Indicators flip to slightly bearish 12/2/10

With the S&P reaching new recent highs in the 1220 area, our overbought / oversold stock market indicators are flipping to slightly-bearish from a moderately-strong bullish signal. Our long-term indicators remain strongly bullish. Both indicators have followed the market higher, with the intermediate-term overbought/oversold indicators flipping to bullish on 10/25, when the S&P was 1185.

The long-term models remain strongly bullish, having ridden the current market from the 1148 level, when the model went long on 9/24 -- to the current levels of 1220.

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