Here is a great looking industry group based on the RRG Charts. The Utility Sector has started to accelerate and this industry group looks great.
I have deleted the lines on the other charts that are not that strong by removing the check marks on the list below. This chart has three things going for it.
- The stocks are accelerating in unison
- There is clear acceleration in the tails. They are very long which means they are moving quickly in price.
- They all have a very positive direction. Both up for momentum and to the right for improving outperformance of the $SPX.
TEG has been very positive, has settled back and looks to be turning to reenter the positive momentum and relative outperformance.
Greg Schnell, CMT