On Wednesday, a weak close prompted losses for most indexes. Volume rose across the boad. Numerous leading stocks are displaying RSI 70+ (above 70 is extended). However, a list of new candidates are now in basing channels and should be strong candidates when the market stages a rally. Internal indicators remain positive. The TREND remains UP. Pullbacks on light volume would be healthy to digest gains & rebuild momentum.
This morning, futures are pointing to a modestly LOWER opening.
Focus is on stocks holding ABOVE 50 & 200dMA (meeting CRITERIA).
Red Hat (NYSE:RHT)
Analog Devices (NASDAQ:ADI)
Taiwan Semi (NYSE:TSM)
Texas Instr. (NYSE:TXN)
Devon Energy (NYSE:DVN)
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