Lumber futures have a monthly RSI above 70. This is only the 5th time that this has happened in the last 34 years. Although prices can still further increase in the short term, longer term some type of consolidation is due.
The daily RSI is now trading above 73. Although the daily RSI is not the end all be all, history shows that some consolidation may be in the cards.
Daily RSI has been over 70 for numerous sessions. Although the daily RSI can remain in overbought conditions, history shows that some potential consolidation may be on the horizon.
Pretty tight consolidation on the monthly chart. The stock is hovering above a recent breakout level which is constructive. A break above $18.77 could lead to further upside.
Compression is building in this chart. The move out of this pattern could be massive!
The optimal time to be purchasing shares was in March 2020, but a break above $24.70 could set up for a move to the $40-60 area. Talk of infrastructure spending could keep a nice bid under this steel stock over the next 6-12 months.
An interesting RSI divergence has occurred in $TLT. This could be pointing to further short term gains in $TLT.
The VIX is sitting in a zone where its stayed bid for the last 9 months. What happens here will be important. Given the time of the year, my thinking is that it could potentially continue lower from here.
$GME Gamestop has a monthly RSI of 98.... This type of reading in a monthly RSI is extremely rare. I would argue that the stock price is lower in price, a year from now.
$GME Gamestop has gone from near all time lows to new all time highs in 1 year.... My experience tells me that this will not end well for market participants who are purchasing shares at these elevated prices.
Twitter is oversold on the daily RSI. A bounce is due....
The outperformance in small & mid cap stocks so far this year is noticeable. I wouldn't be surprised to see this outperformance continue for the rest of 2021.
Plug Power currently has a monthly RSI of 97.... I would argue that now is not the time to be purchasing shares for a long term investment.
This metals & mining ETF is approaching a long term resistance zone. A break above this zone would be bullish & could set up for further long term price appreciation.
The financial ETF $XLF has filled its gap from February 2020. It's now indicating overbought conditions on the daily RSI. Perhaps some consolidation is in the cards over the short term....
The emerging markets ETF $EEM has been in a wide range consolidation for the last 13 years. A breakout above $55.83 could set up for a longer term move higher!
The NYSE Composite, with over 2,000 components, has filled its gap from 2/24/2020. Now what happens? Well given the avg. returns in Presidential years, I would guess that the markets stay relatively flat until the end of 2020.
Since 1981, here's the returns for the S&P 500 during each President's term. Recent history says that the market prefers a Democratic regime over a Republican one....