Materials moving up 5 spots to the 2nd place. Financials dropping 4 to the 7th spot.
Market: XLK (Technology ETF)
Reason for observation: Daily bull flag setup
Short-term bias: Bullish
Long-term bias: Bullish
Technology always seems setup for U.S sector leadership.
Market: XLU (Utilities ETF)
Reason for observation: Weekly bear flag trigger
Short-term bias: Bearish
Long-term bias: Bearish
Little game playing in utes as of late. False move to the upside followed by a quick sell off.
Out-performance of tech and energy versus the under-performance of utes and staples.
Consumer discretionary/Consumer staples ratio near highs. Risk on is still in play.