With 14-day RSI moving above 70 this week, the Nasdaq 100 ETF (QQQQ) became the first major-index ETF with an overbought reading. RSI is considered overbought when above 70 and oversold when below 30. For the Russell 2000 ETF (IWM), S&P 500 ETF (SPY) and Dow Industrials ETF (DIA), 14-day RSI has yet to breach this level.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
Learn More
