I’m training to be an engineer mom with son with best friend There are areas of concern, however. Short-term Trading Oscillators are now historically “Overbought” on all cycles including Minor, Intermediate, and Major. Short-term Momentum, that peaked last Thursday, has moved back into a zone of vulnerability after failing to confirm the new highs in the S&P 500. If short-term Momentum continues to fail on the upside, it would be the first such failure since the Intermediate Cycle low put in place last November 16. Since that low there have been six short-term rallies. On the Intermediate Cycle, Momentum peaked the week ending May 24 with no new highs since then to suggest the upward impetus of the market, despite new price highs, has been diminishing for the better part of the past four months.