For the last few weeks I have been ranking the sector ETFs by RSI, and noting the rotation going on in the sectors, as the leading sectors each week underperformed the following week, and vice versa. That did not happen this week, as XLI was the leader last week, and is again this week. It is very overbought, and clearly upward momentum is drying up for now, with the MACD histogram declining, giving us a cluster of blue bars. Even is this doesn't go down, it will likely not go up much until some of this overbought condition is woked off.
The FOMC minutes from the January meeting came out this afternoon, and were good for nothing but comedy. The FOMC actually acknowledged commodity prices rising ("going ballistic" may be more accurate), but they still see no threat from inflation. Why? No wage inflation pressure. Hey, no kidding, guys, a 9% unemployment rate and you can't figure out why there is no wage inflation pressure? That makes the plastic rice in China look positively sane by comparison.
I will have the new highs update shortly.