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Here below is a heat map showing the probability of reversal for a number of US markets I track.
NVDA and GOOG and AMZN are overbought (the latter is less overbought than its peers, only 68% prob. of reversal).
META sticks out as the sore loser: it has been down for 3 weeks, and it is quite oversold, overall 82% probability of reversal.
(more…)I was checking out the probability of reversal for the three main US indices today after the close:
The NDX stands out as the most probable candidate for a pullback on Friday.
SPX and RUT may follow through but you never know, there have been quite a lot of discordance moments between these 3 indices as of lately.
(more…)Here below is a synoptic view of the DAILY situation for the 3 main US indices: the RUT is the one that appears to be overbought (82% probability of DAILY reversal).
At the close today, the RUT Index was showing this scenario: 3 days up, closed at 2263.41, the time model (right hand side) shows 87% probability of reversal after 3 days up, when this particular trend pattern is encountered.
(more…)Here below is the analysis of the probability of reversal for SPX, NDX and RUT DAILY, photographed yesterday at the close:
Obviously, the RUT and the SPX/NDX are not following the same buy/sell cycles, at the moment.
(more…)All the US indices are now pretty overbought, with the NDX in particular being the most overbought (6 days up in a row).
My NDX DAILY SHORT model shows a very high probability of reversal, however probability is a statistical assessment, so we cannot exclude the scenario where the NDX closes higher, again, on Tuesday. That would be 7 days up in a row.
(more…)
