|Ticker||Relative Strength Index (14)|
Here are the sectors ranked by RSI. We still have 3 over 70 (down from 4 last week), and still have the defensive sectors leading. This has "correction coming" written all over it, but it's not going to tell us when.
My correction call is getting a little frustrating. Ordinarily I would have written today off as a minor bounce in a weak market, and it may prove to be, but I did see a lot of strength in leading areas, so we may have just seen another dip buying opportunity fly by. We are going into the end of month and quarter, so it is quite possible we will see some painting of the tape as the big money biys jockey for position for next quarter.
I will have the new highs update shortly.