Friday was a rather strange day for the sector SPDRs. Notice that the consumer discretionary, consumer staples, healthcare and utilities SPDRs moved higher. It is unusual to see the consumer discretionary sector rise along with the three defensive sectors, especially when the S&P 500 is down for the day. $SPX closed lower because the other five sectors moved lower. Even though $SPX closed off its morning low, it was still a weak day for the sectors overall.
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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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