The Sector MarketCarpet shows serious selling pressure in the consumer discretionary (cyclical), energy and technology sectors on Thursday because they are the deepest red. In contrast, the utilities sector is bright green because utility stocks advanced as money sought yield. The consumer staples sector also attracted some buying interest because it is a defensive sector and the opposite of the consumer discretionary sector. The first chart shows the broad sector view because the arrow at the top is pointing down. Click this arrow to move up or down a level in the MarketCarpet. Chartists can also hover over the MarketCarpet and right click the mouse to see more options.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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