REJECTED

As suspected, the SPX market made it up to the 1,440 level yesterday before being rejected and closing about 2 points below at 1438. That 1,440 level was the recent post 2/27 high and also a key Fib retracement level.

All of the major market indexes are now in overbought territory with 2 day RSI readings at/near 95. Volatility indexes are not confirming the sell signal yet as they trade a bit below the 10 day SMA line but not near the magic 10% number.

The OIH also revisited a recently rejected level at 150 and was sent packing maybe signifying a time to take some money off the table.

And congratulations to Johnny Bench for moving up to 7th on the leaderboard after recently sitting in the cellar. Maybe the cheerleaders at Squawk Box are finally working their MOJO.