- With a handful of mega-caps driving index-level returns, we want to see sector-level leadership confirmed by similar sector strength on an equal-weight basis, as well as further down the capitalization scale.
- Financials are the top-ranked sector in our rankings on both a cap-weight and equal-weight basis. Strength fades among mid-cap and small-cap Financials. Real Estate remains a leader across the board from a weighting and size perspective, though it has slipped on a short-term basis.
[PLUS] Weekly Market Notes & Breadth Trends
- Financials have quietly maintained a spot in the sector leadership group based on our relative strength rankings. They have been in the leadership group since November and have been the top-performing sector over the past year.
- The discrepancy in between the cap-weighted and equal-weighted rankings for the Discretionary and Communication Services sector puts on display the impact a handful of mega-caps can have on sectors (and indexes). Without the impact of FB and GOOGL, Communication Services would be one from the bottom rather than one from the top. The inverse is true with respect to Consumer Discretionary and AMZN.
[PLUS] Weekly Market Notes & Breadth Trends
- Health Care made a new high last week and that helped fuel its rise in our relative strength rankings (up to the fourth spot and into the leadership group). Energy and Materials also ticked higher in the rankings, while Consumer Discretionary fell three spots.
- Despite an overall theme of large-cap strength, the industry group heat map shows deteriorating conditions across sizes for the Energy and Banks groups.
[PLUS] Weekly Market Notes & Breadth Trends
- Communication Services and Real Estate swapped places near the top of our relative strength rankings for the S&P 500. While Real Estate strength persists through the equal-weight version of the rankings and down the market cap scale, Communication Services relative strength appears to be more selective.
- Our industry group heat map reflects recent strength among large-cap groups and relative weakness from the mid-cap and small-cap areas of the market.
[PLUS] Weekly Market Notes & Breadth Trends
- Defensive sectors are perking up on an absolute and relative basis. Utilities, Consumer Staples and Real Estate were all positive last week (Staples even made a new high) and they occupy the top three spots in our short-term relative strength rankings. Staples and Utilities are still longer-term relative strength laggards.
- Real Estate remains the top-ranked sector (and is an industry group leader) across the size spectrum.
[PLUS] Weekly Market Notes & Breadth Trends
- Real Estate moved into the top spot in our rankings. It was one of four large-cap sectors to make new 52-week highs last week (the others were Consumer Discretionary, Health Care & Technology). No small-cap or mid-cap sectors made even 13-week highs.
- Financials have been short-term & mid-term laggards, with deteriorating conditions in Banks across market cap levels weighing on the sector.
[PLUS] Weekly Market Notes & Breadth Trends
- The Energy sector fell out of the top spot in our S&P 500 sector rankings last week, though on an equal-weight basis and at the mid-cap and small-cap level, Energy remains the relative strength leader. Our industry group heat map confirms this broad strength within the Energy sector.
- Communication Services and Technology are in the top two spots of our relative strength rankings. Financials and Real Estate round out the leadership group.
[PLUS] Weekly Market Notes & Breadth Trends
- The Energy sector reclaimed the top spot in the rankings this week, followed by Communications Services (down one spot from last week) and Real Estate (up one spot from last week).
- Industrials and Materials have dropped out of the leadership group (which is based on rankings over a three-week span) over the past two weeks. Technology and Communication Services have joined Energy, Financials, and Real Estate in the leadership group.
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