Overtime
ETF movers (ex-technology)
Good morning,
As promised, today you’re getting an old-school chart book. Lots of charts, few words, but with the important caveat that we’re looking at everything BUT technology.
We’ve hammered tech and semiconductors pretty well in recent Playbooks, so if you haven’t seen those, check them out.
This week’s Overtime report will hit the ten other sectors, along with any thematic and focused ETF charts that caught my eye.
Let’s get into it!
All the other sectors (ordered from high to low within yearly range)
Real estate is the only sector besides tech to make a 52-week high since February
And even it can’t outperform. Like it long in absolute terms, with $43 as key support going forward.
Industrials stalling below the YTD highs
False breakout from the short-term trading range last week bears watching. $175 needs to be overcome.
Same look for materials
$52.30 a clear line of demarcation.
Communication services has big base potential
But the relative performance has fallen off a cliff. Under the hood, this is a huge stake in Alphabet (GOOGL), which has soared to all-time highs, and 75% warmed over garbage.
Consumer discretionary running into long-term resistance line
Another sector where you have Amazon (25%, really strong), Tesla (20%, signs of life recently), and 55% garbage going straight down. Just look at the equal-weight ETF hitting a fresh one-month low yesterday 👇
