Sectors ‘vs. SPY’

Things are in motion and the USD and interest rates are playing their rolls in sector rotations, so why not get to our battling Spies a bit early this week?

On a relative basis…

Financials, Energy, Industrials and Materials are trending down on the daily chart. No coincidence that these either outright prefer rising long-term yields (XLF) or are variably biased toward them. Healthcare has been a leader since bottoming in May. Tech leadership continues to wobble.

The weekly does not favor Financials, Energy, Industrials and Materials either. Healthcare my be trying to break trend and Tech leadership by this view is fully intact.

Daily REITs are looking suspect while fellow liker of subdued interest rates the Utes are sideways but not unpleasant looking. Tranny is sideways too. Biotech holds a somewhat constructive stance, Medical Device continues to fade its leadership, which was expected. Retail is looking pretty good, which is theoretically a feature of a strong USD backdrop.

REITs are suspect as are Utes. Tranny sideways. Biotech has not made a meaningful move. Medical Device consolidates what is still strong leadership. And there’s Retail, looking better each week.

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