|Ticker||Relative Strength Index (14)|
Here are the sectors ranked by RSI. There are not too many surprises this week. XLK was in the middle going into today but really fell apart today.
XLP staged a breakout yesterday, and followed through today. I'm not sure if this means the market is expecting a long period of weakness, or if they are expecting a fairly short, shallow move down in January. Whichever, the market seems to be less than impressed with the rally attempt we are in now.
Today we got a not surprising pause after a huge up day yesterday, so we are probably still set for a year ending rally, but don't look for the Nasdaq leaders to play along.
I will have the new highs update shortly.