Thanks to all who see the RSI nonsense for what it is
I posted this response early this morning on the thread that the original message was under.
continually try and refine the state of the art and where 70 to 75 was previously considered by me to be "nosebleed territory" and still is, I now SPECIFICALLY consider RSI 74-76 to be STONEWALL nosebleed territory. This is a further refinement that I have made just this year after seeing a number of Pfizer rallies run into an absolute stone wall in that range and be turned back. And be turned back even in strong overall markets.
As is almost always the case, it will be my latest classifications that will be the most accurate. It's just like when earnings estimates are revised - go with the last one as opposed to estimates of six months ago or a year ago, etc.
Whereas previously I had the rather wide range of RSI 70 to 75 as being the highest category called "nosebleed territory," I now have an even higher sub-category within the slightly expanded nosebleed territory which I now call STONEWALL nosebleed territory. It refers to RSI's specifically in the 74 to 76 range.
It's an absolute fact that just a single Pfizer rally in the past double lustrum has closed above RSI 76. Also, while there have been a couple of intraday RSI's above RSI in the last few months, I have yet to see one get as high as even RSI 77.
This is just great info to have when doing options rolling as I do.
By the way, when christophphersen said that "I imagine things," it would have been far more accurate had he said that I DISCOVER things. What I have been posting is MY discoveries - they are original and not something that I have read. I have a great functioning brain and am fully capable as you see of adding to the body of technical knowledge about Pfizer. Nowhere else will you read about such things as RSI 74-76 or the nearly-infallible 23.7% Pfizer Minimum Closing Range Theory. Those cherry bits of info come to you courtesy of yours truly.
Unfortunately, on this board I appear to be casting pearls before swine.