June 23, 2017

Overbought and nearing yet another signal

Two out of the four major indices and a few sectors I follow have moved back into an overbought state. The tech-heavy NASDAQ (QQQQ) is back on my radar as the indice is once again near an overbought state. My preference would be to see QQQQ (and all of the major indices) move slightly higher tomorrow. A move higher would certainly push QQQQ into an short-term extreme overbought state.

Also on my radar (for the PaperTrade Extremes) is the Materials sector (XLB). It has yet to move into an oversold state, but the RSI Wilder (2) has pushed towards 5, so another day of declines should see a trigger in the strategy.

April 23, 2008

Major Benchmarks

  • Dow (DIA) – 72.3 (overbought)
  • S&P (SPY) – 68.3 (neutral)
  • Russell 2000 (IWM) – 59.8 (neutral)
  • Nasdaq 100 (QQQQ) – 72.5 (overbought)
  • Emerging Markets (EEM) – 56.5 (neutral)

more overbought/oversold levels on additional sectors found in the Insider’s page (Buy the White Paper and receive Two Months of the Insiders Page Free) – less than $1 a day.We work hard to bring you our latest views, opinions and research on a daily basis. If you are a loyal reader and find our thoughts useful please show us your support by joining our newsletter service.

Check out our Gap Fade strategy and ETF Extremes strategy! Learn the simplicity of four powerful options strategies in our newsletter including SPX and RUT Iron Condors.

acclaimed E-Book! With your purchase you will receive Two Free Months of our investment newsletter plus unlimited access to our Insider’s page enabling you to follow our strategies as you learn. What do you have to lose? Join today!