|Ticker||Relative Strength Index (14)|
Here are the sectors ranked by RSI. We are getting rotation in the leadership, but the bottom sectors really aren't moving. None are now over 50, but we also have none under 30, so this is not at a point of imminent reversal.
XLU is still in last place, but notice the slowly rising price relative line: his may have found a bottom. However, that does not make it a buy: finding a bottom does not mean it is going to go up. Basically, this is in no man's land.
The market, while still above support and nowhere near giving bearish signals, may be struggling harder than expected. We are getting all kinds of gyrations in the forex and bond markets, and those will have dire, and unpredictable, effects on the stock market.
I will have the new highs update shortly.