DailyBubble News
DailyBubble News

QQQ is overbought according to the RSI indicator

BTIG reports that the Invesco QQQ Trust Series 1, the world’s fifth-largest exchange-traded fund with $290.99 billion in assets under management, is showing signs of being overbought. The Relative Strength Index for QQQ is currently at 81.59, well above the overbought threshold of 70. This overbought condition is supported by the ETF’s 7.8% rally in June.

According to BTIG, the last time QQQ closed with a daily RSI above 80 was on September 2, 2020, after a significant gain in the prior days. The three largest holdings in QQQ – Nvidia, Microsoft, and Apple – are also in overbought territory based on the RSI indicator.

Year-to-date price action shows QQQ up 18.5%, Nvidia up 173.7%, Microsoft up 18.7%, and Apple up 11.3%.

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