The QPI Overbought/sold Indicator is the most oversold coming into today. A bounce is to be expected. But can it be trusted? Read on.
The QPI Overbought/sold Indicator picks up an aggressive sell when it break below 70 when overbought. The confirmed sell is when it breaks 30. The problem with oversold is it can stay oversold.
This morning the score is at 4.72. This is lower than in January which is a statement in itself. We need this to move back above 30 by the close to confirm the next up move is beginning. It may take a couple days to get back above 30.