The question is, how you can know about a beginning of a side-way or Bear markets?
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Therefore, we have to believe the rally, until it gives us some real signs that conditions have changed for the worse. Prices may continue to rise even though the RSI is showing a divergence.
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Overbought refers to a security which has been subject to a persistent upward pressure and that technical analysis suggests is due for a correction. The bullish trend may be due to positive news regarding the underlying company, its industry or the market in general.
As Alan Shaw, the legendary former head of technical analysis at Smith Barney, once said, “The most bullish thing a market can do is get overbought and stay that way.” Sentiment is an environmental clue and not a sell signal by itself. Yes we're overbought but overbought doesn't mean we have to see the market tank. I've been saying chop or maybe some downside (I still think that). But it's as if everyone is a teenager looking for instant gratification. We get overbought and if the market doesn't react ASAP folks get upset. Let's go back to the Nasdaq Momentum Indicator.
The term “overbought” is used to describe a market that has advanced to a point at which, historically, it has tended to reverse and move lower. Overbought is the opposite of oversold. To identify overbought conditions in markets, traders and investors use technical indicators known as oscillators. Lowering the look-back setting increases the indicator's sensitivity, creating more instances of overbought and oversold conditions. Raising the setting decreases sensitivity, causing fewer instances of overbought and oversold conditions. How overbought and oversold conditions are determined, and used, will be discussed in a moment.
Overbought, Overbought, Overbought! March 18, , It is a number between 0 and with a lower number indicating an oversold market and a higher number an overbought market. Most traders. Follow this list to discover and track stocks that have been overbought as indicated by the RSI momentum indicator within the last week. A stock is overbought when the RSI is above This list.