The S&P 500 is overbought, but that doesn’t mean it’s time to sell

The U.S. stock market, as measured by the S&P 500 index SPX,registered new all-time highs last week but has pulled back slowly this week so far. As of last Friday, the index had made a new all-time high on 13 of the previous 25 trading days. That’s impressive.The S&P 500 probably deserves a rest, and a pullback to 4,983 would fill the gap on its chart (circled on the accompanying SPX chart). That would be healthy. Below there, short-term support exists at 4,950; 4,920; and 4,850 &m