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Gordon also analyzed implied volatility and he concluded that the implied volatility is overbought going into earnings.
In the capital, the Abu Dhabi index may consolidate or even fall as it is in overbought zone.
TWSE announced today that the securities net overbought position by foreign investors was NT$4.01 billion during the week of Nov.
The current rule also imposes a penalty of P30,000 per day, per transaction, whenever a bank is in excess of its oversold or overbought FX limit.
The stock barometer slipped below the 7,400 level on Thursday as investors trimmed their exposure to overbought large-cap stocks.
The Q3 futures look overbought from a technical perspective.
Momentum indicators had been flashing "overbought" lately following a strong six-week rally from sub-1.2300 levels, which capped out last week at 1.3001, which is an eight-month high.
However, all three indexes entered "overbought" territory.
The RSI, which had been consolidating near the overbought zone over the last few days, has started to move lower.
Losses on Friday moved it away from its most technically overbought level since July 2009.
"Abu Dhabi stocks started to descend from overbought levels yesterday and could continue as the index still remains in overbought territory."