He probably means that its an uptrend. But he says it in a round-about fashion by throwing in caveats and disclaimers.

Typical analyst-speak. 

Hi Richtan,

Did you read this article in Bloomberg?

Dow Sends Buy Signal That’s Worked Since 1921: Chart of the Day

The 30-stock gauge climbed to more than 10 percent above its mean level from the previous 200 days, rebounding from 34 percent below the so-called 200-day moving average in November, according to data compiled by Bloomberg. Eighteen of the last 21 times the Dow rallied from at least 10 percent below the 200-day level to 10 percent above, it posted gains during the next 12 months, Bloomberg data since 1921 show.

The CHART OF THE DAY tracks the difference between the Dow’s last price and its 200-day average since 1989. The lower panel displays the measure’s price, along with the buy signals it sent near the start of rallies in 1991, 1999 and 2003.

“This rally, while it will have its fits and starts, is the beginning of a new trend, not just a bounce,” said Michael Williams, managing director of New York-based Genesis Asset Management, which oversees about $2 billion. “It is a significant opportunity.”

The Dow posted an average advance of 18 percent during the 12-month period following buy signals since 1921, Bloomberg data show. In the six-month period, there were 17 advances for an average gain of 8.2 percent. In three months, it climbed 18 times, averaging an increase of 5.7 percent

And also article from The Edge:

Chart watch: Uptrend intact by Goola Warden.

Since the 200-day moving average only turned up on July 23, and annual momentum and 24-month ROC are rising and still below their equilibrium lines, the bull market has yet to run its course. Eventually, the STI may even retest its all time high at 3,875. In the short term, though, stochastics is turning down from the top end of its range that may stay the hand of investors and traders.

Support is initially at 2,484, and then at the rising 50-day moving average at 2,348. This moving average has so far proved to be a  pretty good support line.

richtan      ( Date: 30-Jul-2009 12:24) Posted: Below is my daily chart analysis for sharing and exchange pointers. My TA chart is posted to share n exchange pointers with those TA practitioner whom believes in TA.   If u are a TA detractor, plse just ignore n refrain from peeping at my chart posting n start making unconstructive comments and plse do not be so childish or lunatic as to abuse the rating system by rating it as "bad post", accumulating for yourself and your next generation, "bad" karma for your "bad" deeds. If u think it is a bad post, then be constructive and kindly post your TA for sharing. This is only my view n I may be right or wrong, so dyodd.

Hi, i interpret "mega-overbought-ness" in STI presently as strength. STI is now in a "trending" mode and not stuck in a trading range. Without going into such mega-overbought states, it would be difficult to go higher and higher. During uptrends, overbought states can persist for long durations. During downtrends, oversold states will be dominant.

i use ADX to gauge if the market is trending or trading, inaddition to trend-lines, of course.