SPX chart: double dip in RSI says we can bounce.

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I’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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2 thoughts on “SPX chart: double dip in RSI says we can bounce.”

  1. 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…

    Reply ↓

  2. 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.

    Reply ↓

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