July 28, 2017

Tech-Heavy Indices Remain in Short-Term Overbought State

QQQQ has been hovering around $52 for over a week now while simultaneously pushing into a short-term overbought state. Something has to give, but my guess is that it will not occur until the elections and the ucoming fed meeting are over. I am still considering a position in QLD for a short-term play. With an RSI (2) reading of over 98 the probability of a short-term decline looks likely.

I will be back later today with more info.

Also, sorry about the lack of a post yesterday. It was a trying personal day for me, but I promise that my daily high-probability, mean-reversion indicators will be back in full force this afternoon.

Thanks again for all of the loyal support.