Climbing the Wall of Underexposure

Overbought

SPX is trading at the most overbought levels since last July with the RSI at 72 as of writing. Note the upper trend line coming in slightly higher. The "problem" with the current set up is the fact the SPX spent such a long time in a range (ex the huge down/up move), where weak hands gave up, and are all waiting to buy the dip now...Despite all this squeeze, SPX isn't trading that "dislocated" from the 200 day moving average.