QQQ, an ETF tracking the Nasdaq 100, is nearing overbought territory but the bullish trend remains intact.US index futures have been relatively flat following a mixed close yesterday, with a few tech giants reaching new all-time highs. Investors are largely on hold ahead of Friday’sHowever, this trend could shift as Wall Street opens, with the tech sector potentially leading the charge again. Given the bullish price movements in stocks like Amazon as a critical level.
For example, the relative strength index has now climbed well above the 70.0 threshold to reach north of 80.0. With the market being this overbought, it is becoming increasingly uncomfortable for traders to justify continued buying into mini, intraday, dips. If the bullish trend continues, then that 485.61 level would remain the first objective. Meanwhile, the 261.8% Fibonacci extension of the same swing comes in at 508. In between those extension levels, you have the psychologically-important 500 level, which also needs to be watched closely, should we get there.
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Source: Investingcom - 🏆 450. / 53 Read more »