Indices pulled back after making all time highs.....

Last 7 trading days have been a complete reversal from new all time highs.

It has been down days for 5 out of 7 trading days for SPX

Nasdaq has been down 5 out of 6 trading days

Dow has fared the best, it has been down only 3 of 7 trading days.

Here is a look @ RSI :

Dow          59.09

S&P 500    53.64

RUT           51.96

Nasdaq        48.68

SOX            45.59

GLD            44.66

XLE             38.37

TAN             33.49

IF we look @ RSI Dow, S&P 500 & RUT  look healthy still.

Nasdaq and SOX are the weakest among leading indices / sectors 

GLD, XLE & TAN remained weakest of all sectors.

Nasdaq has seen weakness as memory pricing showing weakness which has hit chip equipment sectors quite hard.

FB is the weakest, GOOG is also losing momentum.

MSFT NFLX are @ support

SQ, AMD seems to be in great demand by investors / traders as their business cycles is showing momentum....

OKTA PANW had great week

All in all this TAPE has become extremely narrow and selective and should be played accordingly.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed