This is a TC2005 chart of the Qs, tracking activity post Aug 16th. The chart actually reflects 3 LR channels, a 30 day, 11day and 3 day...as suggested by Ricard Muehlberg in this month's Futures Magazine.
You need to click on the chart to see it coherently. . . one of the problems with blogger format. Despite the steady ascent from Aug. 16th, the LR study suggests that the Qs are not overbought, having resolved any danger of that with Thursday's little flip-flop. The Qs are still chugging along in the middle of the major and midrange channels, having overcome the oversold position in the midrange channel created at Thursday's close. This is just another way of looking at the data, but it clearly shows the relentless advance of the Qs over the past 60 days.