August 22, 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)

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