RSI is Not Oversold

 11/28/2025

I received a graph from Fidelity, which I cannot locate now, claiming the Relative Strength Index RSI was oversold, ie, this is a market buy. Huh I wondered and checked my own graph.

Here is the 2 year weekly SPX with RSI at top and momentum indicators Price Momentum Oscillator PMO and Moving Average Convergence Divergence at bottom/

 I added the arrows to show the similarity before the Trump Tariff Dump in April and now.  Remember this is a weekly not daily chart, and this is the end of the week. 

That said, this was an unusual week for a Thanksgiving Holiday.  Usually volume and activity tapers off by Wednesday. This week Friday is a shortened trading day and after the Holiday so I did not expect much, I was wrong. 

SPX last three months 195 minute, three bars to the day

 SPX has risen back to the Nov 12 high. Unless it changes direction Monday, it will be targeting the lat Oct high. If that is reached, late Oct was a third wave and we have more to go to the upside. 

The NDX has lead the markets higher but was not as strong as the SPX this week.

 The moving average. blue line, in all is a 50 bar MA. I don't know what else to say other than we shall see what happens next week.