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Big tech is bigly overbought

Jason Goepfert
2020-12-09

Sarah Ponczek from Bloomberg pointed out that for the first time since September, big tech has driven the Nasdaq 100 to an overbought RSI reading.

Looking at forward returns when the NDX hits overbought for the 1st time in 50 days and with a multi-year high to boot, they were mostly good. Over the next 2 months, there was only a single loss of more than -2%, which is pretty incredible given there were 27 signals. Momentum, man.

If we look at shorter-term returns, then we can see a consistent pullback over the next 3 days. That's about it.

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