Sectors ‘vs. SPY’

Time for an update on various sectors vs. SPY.

The daily ‘relative to SPY’ view shows Financials, Energy, Materials and Tech in various forms of constructive/bullish. Healthcare has made a breakdown. This is a diverse sector, however, and Medical Devices for instance, have fared relatively well while Bio/Pharma has gotten clobbered. On the latter, it would be setting up a buy opportunity if we were to get a failure on long-term interest rates (BioPharma is negatively correlated to rising rates).

sectors vs. SPY

The weekly has Financials, Industrials, Materials and Tech constructive at worst, bullish at best. Energy would not turn the weekly ratio bullish until long after the daily does so. General Healthcare’s ratio to SPY is in trouble.

sectors vs. SPY

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