A fairly flat day for the market but many are citing the head & shoulders breakout on the Dow Jones as a bullish indicator for the market moving forward. Let’s start there.
And one chart from StockCharts.com, “Of the nine sector SPDRs, only two hit new 52-week highs last week: the Consumer Staples SPDR (XLP) and the Utilities SPDR (XLU). These two defensive sectors are clearly leading the market right now. The chart below shows XLP breaking its May highs and the Price Relative moving higher since February.”