Indices may move higher this week.....

Indices have reacted and adjusted to Fed new policy statement issued on Wednesday. This week may see positive action in indices.

Here are RSI numbers for major indices / sectors:

Dow         62.13

XLE         60.51

S&P 500  58.99

Nasdaq     58.18

SOX         48.88

RUT         44.66

TAN         38.13

XLF         37.83

As you can clearly see that XLF was the major casualty of Fed policy statement, it is the weakest of all the monitored area.

DOW XLE S&P 500 Nasdaq are showing relative strength.

SOX is struggling big time and is the weakest in tech sector...

Russell 2000 @ 44.66 RSI may be the biggest bargain IF we rally from here.

TAN is reflecting ongoing price weakness and inventory build up in Solar sector.

Strongest stocks include SQ CRM NVDA BIIB 

MSFT XLNX AAPL are on the move higher

FB GOOG INTC are the weak ones

AMD may show some spark after pulling back on INTC news and 1 downgrade.

All in all we are looking much better plus we may get positive news on trade front with Canada and USA engaging in last ditch effort to come to an agreement, this may come as soon as Monday.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed