The NASDAQ 100 ($NDX) is showing signs of being overbought. That said...the market can stay overbought as it stayed over sold several months ago. If the $NDX breaks out of the downtrend channel...then this rally is stronger than I believe. The easy money off the "oversold" bottom has been made, now earnings need to support prices. In the charts below it is apparent that the indicators point to overbought, especially on the percentage over moving average oscillator. Note the extreme reading in the $NDXA150R & $NDXA200R!
*click on chart to expand image
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