Overtime

US Sectors - Weekly Candlestick Review

Good morning,

Today’s Overtime is a more direct accompaniment to the Monday Morning Playbook. We’re going to review the big-picture technicals for all 11 S&P 500 sectors, using weekly candlesticks.

Because we’re using weekly charts, I’m releasing this now, while the charts are current through last week’s close, and not cluttered up by incomplete candles.

A reminder that our publishing schedule is a bit different this week due to the Juneteenth holiday, and Stock Trends will be released at Noon ET on Wednesday.

The sectors are grouped together by growth, cyclical value, and defensive/income, and I’ll provide a few key takeaways at the end.

Let’s get into it!

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Growth Sectors

Technology

XLK ran into its 2024 highs last week, a logical area to pause or consolidate. A weekly reversal would be confirmed if the tech sector is down this week, but downside would likely be limited to the 200-DMA ($226 and rising). $646 is the equivalent overhead resistance level on VGT, the tech sector ETF we use in our models 👇

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