As share prices in the U.S. soar to new records, key indicators of heavily overbought conditions suggest that a major selloff is looming in the upcoming weeks, according to Matt Maley, equity strategist at Miller Tabak Asset Management LLC, in a column for CNBC.
Specifically, Maley notes that the weekly relative strength index (RSI) for the S&P 500 Index (SPX) has reached 83.4, far above the level of 70 where an overbought situation typically is registered.
