NASDAQ - how overbought can you get?
The tech melt up continues as the path of lest resistance is higher. This has been one of our "core" logics over past weeks, but we are getting rather overbought in the short term.
NASDAQ is trading inside some sort of trend channel and is approaching the upper part of it and RSI is at highest levels since mid April.
The move from late March to mid April resembles the current melt up. Back then NASDAQ gained 115% from lows to highs. This time around we are up some 11.5%.
Second chart shows tech's relative out performance vs small caps.Time to "neutralize" those tech melt up calls...
NASDAQ is trading inside some sort of trend channel and is approaching the upper part of it and RSI is at highest levels since mid April.
The move from late March to mid April resembles the current melt up. Back then NASDAQ gained 115% from lows to highs. This time around we are up some 11.5%.
Second chart shows tech's relative out performance vs small caps.Time to "neutralize" those tech melt up calls...
Loading...