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A key metric shows the stock market is at ‘extreme’ levels that are the most stretched in 20 years

“In the near-term, be aware of extreme sentiment and overbought conditions,” Morgan Stanley chief US equity strategist Mike Wilson wrote in a recent client note” writes Joe Ciolli for That’s the logic behind a technical indicator called the “relative strength index,” which Morgan Stanley says is the most stretched it’s been in 20 years when it comes to the benchmark S&P 500.Rather, it’s an indicator that will coincide with — rather than cause — a correction once the market has fully topped.

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