S&P 500 No Longer Overbought
Last Tuesday we noted that the S&P 500 was overbought. As such, we expected a pullback in short order. Our QPI Overbought/Oversold indicator is now at 63.03 a week later which removes the overbought position.
The other times we were this overbought included July, May and January. In each instance, there was downside action after the QPI Overbought/Oversold indicator moved back under 70.
The peak in the S&P 500 was last Tuesday at 2916 and yesterday the S&P 500 closed at 2896.72. Futures are lower this morning by -7 on the S&P 500.
Get the information you need to make profitable decisions first thing in the morning. Access to the information is FREE, not knowing it could cost you a bundle!
Superstock Investor Newsletter
Published once a month. Get the big picture, what happened last month and predictions for the month ahead.
Take advantage of the knowledge provided by people who live to monitor the Stock Market. People like:
Get access to information from publications like:
Not a Subscriber?
Superstock Investor's goal is to provide subscribers a steady stream of original stock ideas with an emphasis on takeover candidates. These are companies that have flown onto our radar screens as potential takeover targets, or special situations with some catalyst promising to send their shares soaring. Continue..