Nasdaq RSI Goes From the Sublime to the Ridiculous
Mid-session Thursday and the equity rally has sparked back to life after 3 days of relative calm. The ‘QQQQ’ NASDAQ Tracker’s relative strength index has progressed deeper into overbought territory and now stands at 75.09, which is unsustainable. Any reading over 70 indicates prices are stretched at least in the short term on the upside.
Surprisingly, considering the rally, there has been an absense of good economic news on the day with the latest jobless claims data coming in slightly worse than expected.
