Hi Everyone
Just a quick update on yesterday’s OVI readings. The Dow and S&P’s OVIs crossed to the upside (the S&P only just) but curiously the Nasdaq’s OVI turned slightly down.
Today the Nasdaq is breaking upwards through its short-term resistance but unless its own OVI follows (or leads for that matter!) it makes a prolonged upside move rather suspect.
Nasdaq (QQQQ) OVI
As mentioned before, I’m not expecting a prolonged move up this year anyway, and my position is that I think we have seen the highs already for this year, and we haven’t yet seen the lows for this year.
More soon
All the best
Guy
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