Sector Analysis w/e Nov 20

Despite closing red on the week, SPX continues to pull away from the 200 day moving average. The weekly chart put in an “inside” candle [more info on the inside day pattern here] this week, indicating potential continuation. Basing around all-time highs, the daily chart is coming out of a W bottom formation and is currently holding above the breakout level. This is definitely not bearish.

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• IBUY has been on fire since COVID and is now looking for new all-time highs.
• Internet retail continues to outperform SPY on a relative basis.

[get my price relative chart on TradingView]

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• XLB materials coiling on the daily chart
• Trading %10+ above pre-covid highs
• Outperforming SPY on a relative basis since COVID lows

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• XLC communications is trading +10% above pre-covid highs
• Pulled back and is now rebounding near all-time highs

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• XLY consumer discretionary trading +15% above pre-covid highs
• “W” bottom pattern on the daily chart with higher lows
• Nearing all-time highs

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• XSD semiconductors trading +30% above pre-covid highs
• Testing all-time highs in a strong uptrend
• Steadily outperforming SPY since Jan 2019