This week we continued to show softness proving my enthusiasm last week was premature. The breadth figures weakened further bringing some areas down close to oversold levels. If this is a pullback in an uptrend, close to oversold could prove to be all that is needed to recharge. The deeper we go from here, the more likely we are seeing a true weakening in market structure.
First the Total universe of 1960 companies posted over the $SPY
Next I split the universe into 10 broad sectors
These are custom indexes so you cannot invest directly in them, but there are plenty of ETFs available for each sector. For me personally this is another form of relative strength, just with a broader lens .
Good Luck! It is there for you to make.
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(All market data above are derived from Stockcharts.com, Esignal, and Reutersdatalink)
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