NQ Update 10/12 Premarket

Both MFI and RSI are ridiculously overbought, but if you follow the arrow I drew, you can see that indicators were ridiculously overbought the last time we were at the same price level.

Safe play would be to cash out all long positions and short the double top... but I may get greedy and hold on to some long positions, have not decided yet and we're one hour from open, lol. AAPL up $4 premarket but tomorrow is 5G day....

I know one thing, I would not chase the gap if you aren't already in.

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I think I'm gonna flip all my calls on open and re-evaluate at EOD. Can't really imagine that the market is going chase a 2% gap on NDX (QQQ). Might cause a short squeeze on some stocks though.

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Flipping my calls and watching today. Too overbought to stay in.

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Wow, that is the biggest one day move since April straight into overbought conditions. No way to predict that. Insane.

Only news was a tax deadlock on multinationals and deadlock on stimulus package, with everyone anticipating no stimulus until Biden gets elected. Go figure that's worth a 3% pump on NDX, lol.

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RSI now the highest since Dec 2019.... wow.