After establishing support near 1421 in January, Sweden's OMX index has moved steadily upwards. The break over the 2000 peak at 1547.87 in late January took the market to record levels. What is more, it has continued to climb into unchartered territory since.
At the same time, however, the RSI has been stuck in overbought ground; and the short-term rally is clearly stretched out; as the round 1700 number is approached. In short, a correction in the Swedish index is due.
The extremely high level of the Focus List Breadth Indicator also means that a correction in the member markets (which includes the OMX) would not be surprising.