Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market moves: It’s been a relatively muted session for the market Thursday, with the S & P 500 trading in a tight range. If the index were to finish the day in positive territory, it would mark its third straight session of gains and eight in the past nine, going back to Nov. 21, when New York Fed President John Williams revived hopes for an interest rate cut at December’s central bank policymaking meeting. A rate cut next week would be the third of the year. Since Williams’ comments, the S & P 500 has rallied almost 5% and is trading near its record close of 6,890.89 on Oct. 28. The rebound has been so sharp that the S & P Short Range Oscillator , our trusted technical momentum gauge, has swung from flirting with oversold territory at minus 3.73% on Nov. 20 to overbought at positive 4.06%, as of Wednesday’s close. The market’s current overbought status is still mild enough that it can work itself off through rotation, but we could lighten up on one or two more of our positions if the Oscillator becomes more egregiously overbought. An Oscillator reading of 4% or above indicates overbought. A reading of at minus 4% of lower signals oversold. Every time we mention the Oscillator, we’re flooded with requests from Club members:
