Samwise Quick Reference Handbook
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Hi Sam,
More of a technical question here.
When you use the word “overextended” and say that the QQQ is “due for a pullback” is that based off time spent near the overbought region of the RSI (~60 RSI) or how close the RSI is to a deep overbought RSI (~80)?
Like, could you say the QQQ is overextended and due for a pullback in both these scenarios:
The QQQ has a big gap-up causing the hourly RSI to jump quickly (let’s say within a short time period, for example within a day) to an 80-ish RSIThe QQQ straddles the 60 RSI line for multiple days (like how it’s been doing recently)Could both of these scenarios be classified as “overextended” and “due for a pullback”? I’m mainly asking so I can determine this for myself in the future 🙂
Thanks!
Yes, both scenarios count as overextended. One is by depth the other is by time. If you look at the QQQ historically both result in the same outcome.
For the overextension based on time what is your guideline on how long counts as “overextended”? Of course it’s not an exact science, but just curious to hear if you have any numbers you’ve noticed over the years of tracking the QQQ.
Hi Sam,
Clarifying question about your NVDA analysis.
Why would be $104 be the target here? Looks the bottom gap line on the NVDA hourly chart is at $108?
Thanks!
Hey, in terms of a pullback, it has to fulfill a certain length of time right? like 3-5 days to count?
I think last week we had that quick pullback of 3-4% but just for a day or so..
Sam, if the pullback just keeps reverses course from here, does that change anything?
“dead in the crib.”
Sheesh! Who comes up with this?
Market is up fairly big in after hours, though doesn’t necessarily look like a run up to 490+ … I am surprised at how long it’s remained choppy and thought it would pick a direction by now.
Does the after hours jump on news of China-US talks change your near term outlook?
To be honest I’m surprised at the market reaction to this headline. It’s pretty difficult to understand and trade this market when one headline can lead to more after hours activity than an entire days worth of market hours can
Place your bets, is NVDA gonna pop through this resistance or not?