🏆 Today's Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- The Industrial Sector ($XLI) is on pace for a four-week losing streak, closing at its lowest since September today.
- Justin notes that $XLI is clinging to support as it threatens to break down from a four-month range. Price has chopped sideways between $149 and $155 since July, never closing more than -3.5% off record highs.
- It's not the largest sector, but Industrials have historically been among the most correlated with the broader market. The top weights in $XLI include $GE, $CAT, $RTX, $UBER, and $GEV.
The Takeaway: The Industrial Sector ($XLI) is testing the lower bounds of a four-month range around $149, and a decisive breakdown would be a bearish omen for the broader market.
