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.
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.