SPX chart: double dip in RSI says we can bounce.
24 May 2010 10: 52 am | Filed under: charts, technicalsI’ve circled the times we’ve seen a low RSI on the daily chart make a double dip into oversold territory. Each instance was followed by a rally, both in the bear phase of 2008 and the bull phase of 2009-2010:
Prophet Chart from Think or Swim
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PEJ
May 24th, 2010 at 4:26 pm
Hi Mike. I’ve checked the 1month, 1week and 2weeks RSI with IB… I don’t see such an overvaluation yet… The drop today confirmed the chat we had on Friday and my point that we could see further weakness before the rebound…
PEJ
May 25th, 2010 at 5:13 am
OK, the futures are down nicely and the market is now in oversold territory. Just covered some shorts, waiting so see of i close more or not.