QQQ Is Overbought According to the RSI Indicator, as NVDA, MSFT, and AAPL Fuel the Index

seekingalpha2024-06-20

According to BTIG, the world’s fifth-largest exchange-traded fund by assets under management (AUM) is flashing signs of being overbought.The brokerage noted that the Invesco QQQ Trust Series 1, with ...

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GianniTigerSecurity
2024-06-21
GianniTigerSecurity
Well QQQ has been in overbought position quite for sometime & it still has gone up pretty much, sometimes defying all the logics. It's good to be prepared for some sudden sharp pullbacks, in between the ongoing bull run,without any warnings. A small small negative news/sentiment is good enough for the market to begin its free fall Until the support level.

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Supporting overbought conditions has been the fund’s rally during the month of June, as the ETF has now advanced 7.8% since its May 31 close.“The last time it closed with a daily RSI above 80 was 9/2/20 (81.2). That was the peak after a move in which QQQ gained 9 of the prior 10 days with the one down day just -0.31%, and the total gain was over 9%,” BTIG stated in an investor note.Furthermore, the exchange-traded fund’s three largest holdings, Nvidia, Microsoft, and Apple, - which together represent 25.67% of QQQ’s moves - are all in overbought territory as well, per the RSI indicator.When looking at the relative strength index technical indicator, shares of NVDA hover near 81.37, MSFT sit at 70.02, and AAPL trade at 73.56.Year-to-date price action: QQQ +18.5%, NVDA +173.7%, MSFT +18.7%, and AAPL +11.3%.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":319249297645584,"gmtCreate":1718970525734,"gmtModify":1718971956333,"author":{"id":"4152690466064312","authorId":"4152690466064312","name":"GianniTigerSecurity","avatar":"https://community-static.tradeup.com/news/fd930ebef88ac46649ec03847a6769f5","vip":1,"crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"4152690466064312","idStr":"4152690466064312"},"htmlText":"Well QQQ has been in overbought position quite for sometime &amp; it still has gone up pretty much, sometimes defying all the logics. It's good to be prepared for some sudden sharp pullbacks, in between the ongoing bull run,without any warnings. A small small negative news/sentiment is good enough for the market to begin its free fall Until the support level.&nbsp;","listText":"Well QQQ has been in overbought position quite for sometime &amp; it still has gone up pretty much, sometimes defying all the logics. It's good to be prepared for some sudden sharp pullbacks, in between the ongoing bull run,without any warnings. A small small negative news/sentiment is good enough for the market to begin its free fall Until the support level.&nbsp;","text":"Well QQQ has been in overbought position quite for sometime & it still has gone up pretty much, sometimes defying all the logics. It's good to be prepared for some sudden sharp pullbacks, in between the ongoing bull run,without any warnings. A small small negative news/sentiment is good enough for the market to begin its free fall Until the support level.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319249297645584","repostId":1175228906,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":3,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1175228906"}