After crossing overbought territory on Friday, T2108 has inched higher the last two days…and yet has STILL failed to close at or above the 70% threshold that marks overbought conditions.

On Friday, T2108 experienced a brief encounter with overbought conditions (70% or higher). My favorite technical indicator reached as high as 71.3% before settling in for a close of 68.3%.

T2108 closed marginally higher at 64.3% and so just barely avoided another bearish divergence.

The wait for a resolution between the forces of a bearish divergence and a bullish coiled spring continue even as the S&P 500 continues making very marginal closing all-time highs.

This week’s pattern of evening stars matter a lot more because at the same time T2108 closed down ominously just short of overbought (70% or higher) – a little similar to what happened in September.

T2108 closed down at 59.7%. Given it has stalled right where it topped out in early September, I have to sit up straight and stay on alert again.