Industrials Power to New Highs 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Neil Sethi.
Just a week ago in our morning newsletter, I noted that the Industrials sector had been correcting through time rather than price, and that volatility expansion was likely on the way.
Fast forward to today, and Industrials have broken out to new all-time highs, driven largely by the strength from its two largest components in Caterpillar and GE Aerospace.
Industrials have historically been the most correlated sector to the S&P 500, and today's breakout reinforces the idea that there are plenty of opportunities outside of Technology.
The Takeaway: After a multi-week consolidation, the Industrials sector closed at new record highs.
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