New all time highs in US market this week?

All major Indices DOW, S&P 500 & Nasdaq are sitting within 2 days of trading to make a new all time high.....

Only Russell 2000 is about 4.61% away from making new all time highs, only sector which has not done in this run.....

SOX is only 1.93% away from making new all time high, SOX was the first sector to make a brand new all time high in this run.....

Are we going to wait or pull back a little then make a run, that remains to be seen.

Fed meeting may not change anything, but market may like to hear their policy statement.

Here is a look @ RSI for some guidance :

IWM       65.72

S&P 500 63.98

Nasdaq    63.97

DOW      59.92

SOX       56.34

Very interesting reading, IWM is the strongest and SOX is the weakest, two extreme and they normally are watched for market direction.

RSI is indicating that market is not overbought, which Is a good thing.

SOX looks like an oversold sector, which can be bought right here.

Nasdaq is attractive also in terms of buying focus.

DOW is lagging.....

Based on RSI read, market can easily make new all time highs this week.

Year end rally is very much in focus.

Good luck with your own read of this TAPE and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed