Something I noticed while flipping through some charts, RTY1! daily MFI is overbought along with GM, PCAR, YM1! (Dow futures), Dow components like WMT, CAT, YNH, etc along with XLF (financial ETF).
Definitely not chasing a Fed pump even if my 3 hr indicators show oversold. My favorite stocks are overbought, that's a signal to take a pause. Will be shorting when 3 hr indicators go overbought.
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Note: I think there's a good chance RSI gets overbought as well probably next week. We'll see.
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Well, I warned you guys yesterday.
Daily overbought and 3 hr oversold so we got that bounce before the whipsaw and down.