There are different ways to approach market analysis. I utilize a top down approach. Those who follow me know I post the TP (Triple Play) charts daily. This shot shows an RSI chart of $SPY $IWM $QQQ . Lets take a quick look at the Triple Play charts I posted putting three levels together for review.
First the Monthly Triple Play chart shows some long tails, but all posted gains for the months with the Indicators pointing higher supporting more with RSI in a bull range at or above 60.
Moving down to the weekly we are still sporting RSI bull ranges, but the charts pulling back after a strong run.
Finally, we can see even with the Weekly charts soft, the daily charts have quickly reached oversold territory on the CFG (bottom window) while the RSI is holding 40.
So, all three levels remain in RSI bull ranges with the shortest time period oversold. We certainly could see lower prices in the short term, but with this set up it has be looking for a reversal back higher sooner rather than later.
(All market data above are derived from Stockcharts.com, Esignal, and Reutersdatalink)