QQQ Overbought
PikerTrader | Apr 16, 2015 07:01AM ET
The PowerShares QQQ (NASDAQ:QQQ) look to be heading into some headwinds as it has hit an overbought condition. Since the oversold signal on 3/26 Q’s have rallied 3.5%. Now the Q’s have hit overbought/sell, as it hit resistance at 108.07-108.38. The last overbought signal was on February 18, the market rallied a little more before declining to the March lows. It is possible that the Q’s can still move upwards into the overbought condition but it does have heavy resistance overhead from the last rejection at 108.39 and the all-time highs at 109.17. With the overbought condition, the odds favor some downside or chop at this level.
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