“If you are a bull with a six to 12-month horizon, stay the course as the climax in pessimism a few weeks ago continues to unwind via short covering…For short-term traders, the SPX's overbought condition can certainly weigh on your decision-making. But overbought can remain overbought in trending environments…Throughout most of March, the 10-day moving average acted as resistance during the decline. Given its recent importance as resistance on the way down and support during the sharp trajectory higher, the ...