NDX extremely overbought

    Posted by sbaxman111 on 1st of Aug 2016 at 05:53 pm

    The NDX closed today with an RSI-2 level of 99.70% - the highest level in 2016 so far.  Back in 2014 the NDX did see consecutive days of 99.95%. This is also the 6th day of a low to high pattern for the RSI-2. The pattern started its first day at a reading of 81.95% - somewhat unusual for it to be that high at the start of a run. 2016 has had only one 7 day pattern in 2016.

    Its RSI-4 closed above 90% for the 3rd consecutive day - an unusual statistical event in recent times. This is an extreme overbought level where reversal commonly take place historically. 

    Today was also the 3rd straight day for the RSI-14 to close over 70%. The longest such pattern in 2016, and highest levels since the start of Nov, 2015. The daily ADX-7 indicator is also extremely high at more than 67.

    sbaxman, thank you as always

    Posted by frtaylor on 1st of Aug 2016 at 09:13 pm

    sbaxman, thank you as always for posting these stats - keeps me grounded.

    NDX extremely overbought

    Posted by sbaxman111 on 1st of Aug 2016 at 09:17 pm

    Glad I can be of some help to you.

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