MARKET OUTLOOK, JANUARY 10 2020
The S&P500 index was up 0.9% last week and closed at 325.71,
We are at the 320-325 levels we have forecasted for the market all those weeks ago.
The daily RSI is back to normal levels from last week’s overbought.
Here are the momentum and overbought/oversold analysis for this week:
As usual, we are looking for sectors that are picking up on momentum while oversold.
The Healthcare sector is back on track after losing some steam for the past few weeks, it still has some resistance overhead but once it breaks that, it’s a good candidate for picking specific stocks in the sector.
The energy sector is starting to look attractive, though it’s still early in the momentum picking up phase, we will have to examine it again next week.
The real jewel of the week is the Pharma sector which has finished correction and is ready for the next leg up, specific picks in that sector may be found in our trade alerts page
As far as sectors losing momentum’ looking the biotech sector seems like it’s about to break to the downside, Utilities are also getting close to oversold levels though not a short candidate), specific stocks in these sectors may be found in our detailed alerts and stock picks service)
We have a number of specific stock picks in the above sectors described in our website,
You may find all of AlphaOVerBeta trades in the Real Time Trading Updates of our website