overbought, page-9

heremes, yeah, rsi14 on the weekly is useful...its now about level with dec 05, when reaching this level was followed by a month or so of down weeks then another small high where there was negative divergence on the rsi then six weeks of down..... but rsi14 has been higher in jan04 if thats any comfort to the bulls...

hey, I'm not sure that it technically correct to match the rsi with quantity of sp... from what i undersatnd, an rsi number does not equate with the level of the index or stock... it just a measure of strength of the market which may be different to the sp variation... is that right?

I don't use indicators much any more but what I am noticing is increasing depth of retracements intraday which to me indicate a split between the bearish traders/retail investors and the bullish instos, as well as indicating distribution or fading the rally by some instos. The big instos have the power but eventually they'll need the retailers and traders to join with them to carry the bull forward imho. cheers!