Stock Trends

Industrials focus + the Mag 7 and Hot List updates

Good morning,

Final reminder that this is the last Brown Technical Insights publication of February. We’ll be back with the MMP on Monday, March 3.

In this week’s Stock Trends, we’re focusing on the industrials sector. Since the average stock topped on November 29, it’s been the fourth-weakest sector with a 3.6% decline (vs. a 1.7% gain for the S&P 500).

As today’s report will show, there are still opportunities on the long side. But under the surface, some key bellwethers are breaking down and should be avoided.

This week, we’ll look at seven industrials charts as well as:

• Important developments in the Mag 7

• Movers on our Blue Chip Hot List

• and more!

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Industrials focus

UBER pushing to the top of a year-long base

UBER is respecting this resistance level so far this week but still has a lot of potential if/when it can break out.

Textbook retest and go for Deere

Major breakout and strong day yesterday in a weak tape.

Base-on-base breakout for S&P Global (SPGI)

Smaller base measures to $580, or 7% above yesterday’s close.

Meanwhile CAT is making 52-week relative lows

Now for some bad ones. CAT has recently lost its 200-DMA, horizontal support and is making 52-week relative lows vs. SPX. One to avoid.