Still Overbought
August 6, 2009 · Print This Article
SPY is still overbought and the gap from last week still remains so I expect to see a further short-term decline over the next few sessions. I will be back tomorrow with the Iron Condor discussion I had promised a few days back. Stay tuned!
Overbought-Oversold levels for August 5, 2009
ETF Extremes Options Trading Strategy
* S&P 500 (SPY) – 82.1 (very overbought)
* Dow Jones (DIA) – 71.0 (overbought)
* Russell 2000 (IWM) – 78.8 (overbought)
* NASDAQ 100 (QQQQ) – 64.3 (very overbought)
Other ETFs
* Ultra Long (SSO) – 89.9 (very overbought)
* Ultra Short (SDS) – 9.9 (very oversold)
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