Today’s Chart of the Day was shared on Twitter by Adaptiv (@adaptiv). It's a ratio chart of the Technology ETF, $IYW, vs. the S&P 500. The top holdings in $IYW include Apple, Microsoft, Google, Facebook, and NVIDIA. Tech is beginning to reassert its leadership. This is a bullish development for the broader market considering tech is the largest sector of the S&P 500, representing more than 20% of the index. In a separate comment, Ian McMillan of Adaptiv said, "So, the most important Sector for US stocks is breaking to fresh relative highs, and you want me to believe we are in store for a 3rd bear market in 3 years? I'm not so sure about that."
Chart of the Day - Thursday, February 4th, 2021
February 4, 2021
