109 days ago • Posted by Paul de La Baume

#Nasdaq reaches oversold levels #stocks #markets $QQQ

The US tech heavy indice, the Nasdaq is 14.5% lower year to date. The momentum indicator RSI is close to 25, a level last reached during Spring 2020 following the Covid-19 market shock. On a technical levels the charts are badly damaged, with only around 17% of Nasdaq stocks above their respective 200-day moving averages. The last time this many stocks were below their averages was April 2020. From a fundamentals perspective, valuations have compressed and earnings reports are positive