Don't Ignore This Chart!

Utilities Make A Strong Push Off The Lows

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After the recent pullback, the overall market has blasted higher. Over the last week, I have noticed some of the strong momentum stocks under performing the $SPX. While the $SPX is just marginally above the recent highs of September, the Utilities have absolutely launched forward. This pause by the momentum stocks but the continued ascent by the utilities seems to point to the cycle where materials and energy have topped and Utilities/ Consumer Staples start to lead.

Here is the sector cycle.

Here is a shot of the leading sectors.

There are some great performers in the Utilities right now.

Good trading,
Greg Schnell, CMT

 

 

 

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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