In this post, I will provide some technical analysis of the major L1s by means of index breadth conditions, recently observed volume spikes, and the DeMark Setup indicator.

Breadth of the Delphi L1 Index

Oversold is not Overextended

The percentage of constituents in the Delphi L1 index (N=26) that are currently in oversold conditions (defined as RSI < 30) is 30%. Although it feels like max pain, putting this in a historical context shows that this is not at all overextended compared with, say, August of 2024 when 80% o