From Relative Lows to Relative Strength 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Sentiment Trader.
Health Care has been the top-performing sector over the past month, with over 30% of its stocks reclaiming their 50-day moving averages after its best five-day stretch versus the S&P 500 since 2009.
This type of breadth thrust has occurred just thirteen other times on record, and in every prior instance the sector was higher one year later, with a median gain of nearly 12%.
With Health Care still hovering near all-time lows relative to the S&P 500, the historical data suggests the sector may be in the early stages of a more meaningful rotation.
The Takeaway: The combination of improving breadth and historic underperformance creates a compelling setup for Health Care.
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