Monday Sector Strength
Disclaimer: All charts and comments are intended for education and discussion purposes only. No investment recommendations are being offered. Please do your own research and take responsibility for all investment decisions that you make. Questions and comments related to this post are encouraged. | MON - Sector Strength | TUE - Interest Rates | WED - Market Breadth | THU - Commodities & Currencies | FRI - Market Sentiment | SAT - Bullish Percents | About | contact: HeadlineCharts@gmail.com |
Special thanks to those of you who sent me comments last week on the one year anniversary of headlinecharts. They were all complimentary and constructive. If you haven't had a chance to send me your comments, please let me know what you like and would also like to see improved. One person sent me an excellent market breadth chart that I have been watching, and it would be great to receive more charts from people.
I didn't have a chance to complete several posts last week, but I hope to be back on track this week.
The various indexes of the market rebounded nicely last week despite serious signs of distribution. It may be that the financials and other weak areas of the market have finished retesting their lows, at least for now. The spreadsheet above shows most areas of the market again participating to the upside which is a bullish sign.
The mortgage lenders have been a serious drag on the market the past three weeks undermining confidence in the overall uptrend. The chart above may be showing that this area has reached a hammer bottom.
This chart of the Steel industry shows the other side of the coin. It is hard to believe the economy is headed to recession or that the market is heading lower with the economically sensitive steels looking like it may be about to break to new highs. This is a strong looking chart and the combination of bottoming weak areas and breaking out strong areas is a sigh of relief... and good news that the overall market uptrend is resuming.
