The stock market is very overvalued and is in a wedge pattern

The stock market (i.e., all three stock-market indexes) are in wedge patterns. The highs are not keeping pace with the advance of the lows. The stock market is gaining as if the economy was growing more than 3% per quarter. In the fourth quarter of 2016 it grew by just 1.6%

My stock-sector relative-strength table continues to be increasingly bearish. This week, both the Cyclicals and Technology Groups lost strength. The stock market needs both to be strong to be able to move the market with any conviction. Very few individual sector were bullish: Commercial Services and Supplies up 3.6%, Alcohol and Tobacco up 2.4%, and Technology Hardware up 2.8% (these figures for February). All the rest were 2% or lower.

Here is the relative-strength semiconductor sector. Look how much it fell in February:

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