|Ticker||Relative Strength Index (14)|
Here are the sectors ranked by RSI. I didn;t get a chance to look at this last week, but there aren;t a lot of changes from two weeks ago, except that the RSI scores are much lower. We only have one sector with an RSI under 30, and at a bottom I would expect 3 or more under 30, so at least according to this, we still have room to drop.
Now is the time we can expect the market to turn, but I see signs that there is a good chance it won't. We should know more tomorrow: a strong bounce will likely lead to another move up, while a weak bounce will give a chance to get out. No bounce will be real trouble: he market is due for a sixzebale correction, and it just might be coming now.
I will have the new highs update shortly.