By Jeff Pierce

I measure the strength of a sector by whether the RSI is hitting new highs while the chart is hitting new highs, like the Industrial Supplies Index below. I wasn’t even going to post tonight because I wanted to see how the markets digested these last 2 days of gains before jumping to any irrational assumptions about whether we are ushering in the next great bull market, but after going over all of my sector charts I can say I don’t see a whole lot to be excited about.

The chart of Investment Services sector is typical of a lot of the charts I ran across that had negative divergence on the RSI. While there was a lot of buying pressure today I think it’s to early to tell if the bulls are ready to take the reigns and run with it.
industrial.supplies

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investment.services

2 Responses to “One Bullish Sector By My Standards”

  1. Zack Says:

    Jeff, I’m enjoying your site. Found you through Benzinga.com where I just recently became a contributor, first article here; http://www.benzinga.com/etfs/sector-etfs/13/01/3210283/select-spdr-etf-sector-review
    Looking forward to learning from you.

    thanks,
    Zack

  2. jeff pierce Says:

    Cool. I’ll be talking to the president of benzinga tomorrow…what a coincidence.

    Hey, if you want to add a blogroll on your site I’ll add you to mine as well so we can help promote each other’s sites. Just a thought.

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