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Strong Week for Blue Chips

By The Chartman FOXBusiness

As opposed to the past few weeks, this past one was pretty good for the Dow. I do think the index is overbought, but the recent breakout tells me the rally is far from over.

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I use Sirius XM (SIRI) every day. I’m sure I’m not alone, but that doesn’t mean you should buy it right now. Instead, wait for a close above current resistance.

The big question: Should you jump into Alibaba (BABA)? From the chart below, there’s no way of knowing. So, if you’re relying on technicals, wait until we can at least see some pattern forming.

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Back next week to see if BABA and the market keep heading up.

What do you think?

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