What does one say when one observes someone whose saying; to put it in perspective; then inserts charts accompanied by claims that are not even correlated..? Overbought and Oversold are terms of art. They are essentially contrivances to facilitate malfeasance.
Here is the story of the Nazdaq in numbers, that preclude your chart and surmise.
All action happens against the markets float, which is a relative constant.
The Nasdaq Market Float Since 1997 The Math of the Market
Mon/Yr..Trade Days..# Compy..TotlVol...AverD Vol
Jul-97. 22.....6388... 14,659,052,996.. 666,320,591
Mar-98. 21.....6143... 17,694,084,535.. 842,575,454
Jul-99. 21.....5400... 21,249,135,986.. 1,001,863,618
Jan-00. 20.....5233.…. 33,859,912,232.. 1,692,995,612
Jul-03. 22.....3671... 38,984,813,325.. 1,772,036,969
Jan-04. 20.....3560... 46,649,555,963.. 2,332,477,798
Jul-05. 20.....3441.…. 33,681,072,462.. 1,684,053,623
Apr-06. 19.....3384... 40,846,016,058.. 2,149,790,319
Jul-07. 21.....3348... 46,780,102,818.. 2,227,623,944
Jan-08. 21.....3299... 56,616,100,438.. 2,696,004,783
Nov-08. 19.....3199... 42,460,731,579.. 2,234,775,346
Jul-09. 22.....3024... 48,456,198,558.. 2,202,554,480
Apr-10. 21.....2982... 53,597,263,077.. 2,552,250,623
May-10.........2977....57,205,068,222.. 2,860,253,411* Flash Crash 5-6 4.5bil 2943companies
Sept-10........2914....
Nov-10.........2941....42,183,589,365..2,008,742,351
Dec-10........2900....
Mar 2011....2914..40,289,690,615..ADV 2,120,510,032
May 2011 ...2881 43,314,364,851 ADV 2,062,588,802
July 11...... .2857 38,302,934,478...ADV 1,915,146,724
Oct 2011.....2842 44,691,480,4311 ADV 2,128,165,735
APR 2012....2804 34,686,739,001 ADV 1,734,336,950
Jul 2012......2790 34,834,229,792 ADV 1,658,728,847
Nov 2012 21Days 2740 companies Totl Mnth vol 36,150,040,710 avg dv 1,721,468,605
Jan 2013 21Days 2716 companies TotlMnthVol 39,589,749,754 Avg Dly Vol 1,885,226,179
Mar 2013 21 Days 2684 companies New Record low |
