Despite decline in major indexes during the week, there are encouraging signs of multi-week bases emerging in laggard sectors such as $XLE, $XLRE, and $XLF. Additionally, both $XLI and $XLK are within a 3% range of their all time high. It would be a shame not to reach those record levels, considering the remarkable resilience displayed amidst concerns of an impending recession.
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Week of 10/7/2023 Market Diary,
Despite decline in major indexes during the week, there are encouraging signs of multi-week bases emerging in laggard sectors such as $XLE, $XLRE, and $XLF.
Additionally, both $XLI and $XLK are within a 3% range of their all time high. It would… pic.twitter.com/6CrGY9YJKR
— Jeff Sun, CFTe (@jfsrevg) July 8, 2023
