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Look out below – the whole TSX is overbought again

The entire S&P/TSX Composite index is overbought again and investors and traders need to be really, really careful about buying anything in the next few days.

The Relative Strength Index (RSI) for the TSX is now 71.9, above the overbought sell signal of 70. The last time the benchmark was overbought, on January 20, things got a bit ugly – the TSX fell 4 per cent in the following two weeks.