Indices all set to resume uptrend.....

After 3 weeks of gains, indices took a well deserved 2 day rest.

Friday we were bombarded with tweet storm again but TAPE was resilient enough, to not get rattled by it.

Friday was a good indicator of built in strength....

Here is a look @ RSI to get a handle on strong vs weak sectors :

NASDAQ         61.29

S&P 500           60.20

RUSSELL        58.56

DOW                58.32

SOX                 51.04

As you can clearly see that even after 2 day pause we have strength in Nasdaq & S&P 500 both are broad based index which is a very good thing.

Russell 2000 and Dow are right behind to make a move towards new all time highs.

Nasdaq already in new all time high territory.

SOX is the one which has troubled many technicians, It is above 200 DMA, so it has pulse.

NOW we are all set for major earnings report, majority of them will beat easily, which will help propel this market into new all time highs.

Here are important earnings reports this week :

GOOG           Monday.....expect positive reaction

FB AMD        Wednesday....expecting positive reaction

AMZN INTC Thursday.....AMZN should beat and make new all time highs........INTC neutral

SO...IF you are trying to handicap few earnings...I have given my guesses.....

I may try @ least 1 earning play...I avoided all last quarter and stayed with my portfolio reports, most were positive.

Good luck with your own take of TAPE and earnings prediction.

BLOG does NOT give buy or sell.

Saleem