Chart of the Day - Thursday, September 4, 2025

🏆 Today's Chart of the Day was shared by Sam Gatlin (@sam_gatlin).
 

• Consumer Discretionary ($XLY) was the clear leader today, notching a fresh year-to-date high. It's sitting less than -2% below all-time highs after enduring a -39% drawdown earlier this year.
   
• As Sam points out, the Equal Weight Consumer Ratio ($RSPD/$RSPS) is printing fresh all-time highs, sending a risk-on message to the broader market.
   
• The cap-weighted version ($XLY/$XLP) hasn’t broken out yet, but it’s knocking on the door and completing a multi-year Cup & Handle pattern. It's even more validating to see the equal-weight ratio lead the way, as the cap-weighted version is often distorted by mega-caps like $AMZN and $TSLA.