Strategies for Short Term Traders: Overbought Conditions Start Trading Week
One word summarizes the market today: overbought.
The 2-period RSI reading of our Country Fund ETF Universe is at 96.85 and the Main Universe is at 97.03. These readings are about the highest we’ve seen and even though this remains a bull market, I would expect a pullback within a day or so.
The above is from Larry Connors’ Daily Battle Plan.
To learn more about the Daily Battle Plan – including access to Larry’s daily ETF trading signals, click here for more information.
Larry Connors is founder and CEO of TradingMarkets.com.