When looking to see if markets are either overbought or oversold you sometimes may need to look at more than one chart. For example there are four charts above, DJIA, SPY, Russel 2000 & Advance Decline. Each chart may give clues at different points in time. The yellow vertical lines highlight several overbought areas. Note that the yellow lines may or may not occur on the same dates, but, the market had different degrees of a pullback near each of the noted areas.
Keep an eye on the Picasso turn dates and watch your indicators.
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Past performance is not indicative of future results
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