"Never trust a computer you can't throw out a window." - Steve Wozniak
US equity futures are relatively quiet ahead of this morning’s open, trading up 15-20 basis points. For market-watchers and investors, having a nice, quiet, dog-days-of-summer morning every now and then is much appreciated!
As we noted in a post yesterday, the Materials sector has broken out (to the upside) of the flag pattern of lower highs and higher lows that had formed over the last six months. Check out the breakout in the first chart below.
In addition to Materials breaking higher, the Utilities sector is going in the opposite direction. As shown in the second chart below, Utilities has traded straight down since the end of July as the rest of the market has been rallying.
While six of eleven S&P 500 sectors are now overbought, Utilities is the only sector that’s currently oversold.
Subscribe below to see today’s unique charts and graphics and begin receiving our full Morning Market Note in your inbox each day.
Comments
Nothing yet. Say the first thing.
Sign in to join the conversation.