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Nasdaq 100 shows uptrend may continue despite overbought reading, Tom McClellan notes

Nasdaq 100 shows uptrend may continue despite overbought reading, Tom McClellan notes
Nasdaq 100 uptrend remains intact

Tom McClellan highlights that the McClellan Advance-Decline Oscillator, specifically tracking Nasdaq 100 Index stocks, has risen to a high level.

According to McClellan, this condition reflects two main points: the market is currently in a short-term overbought state, suggesting at least a pause in upward momentum, but uptrends typically do not conclude when this indicator is elevated.

McClellan has recently commented on technical indicators across asset classes. He identified an oversold signal for equities as the VIX Index rose above its futures prices. Earlier, he noted that full moon dates have often aligned with gold price turning points.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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