nmike

QQQ correcting from overbought conditions

NASDAQ:QQQ   POWERSHARES QQQ TRUST
313 3 24
This correction in the QQQ             should come as no surprise. The RSI on the 1 & 2 month frames was well in the overbought area and the weekly RSI had been forming a negative divergence. On the 2 month frame price most likely corrects down to the top of channel 1 support. On the weekly frame price is currently at a support level , if falls below the next near term support is at trend line S1.
montly RSI
snapshot
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Excellent finds! Will be watching RSI very closely. Near term price could go up and RSI monthly would still go down.
+2 Reply
....price bounced off RSI S2 breaks S1 and up it went. A bullish candle close this week. Here's a look at a 3 frame Heiken Ashi with a 10ma.
snapshot
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