WEEKLY SECTOR RANKING SHOWS MORE CAUTION

John Murphy
by John Murphy,
Pioneer Technical Analyst

STOCKS TURN MORE DEFENSIVE...With stocks under pressure this week, it makes sense to see its eleven market sectors taking a more defensive turn as well.   Chart 1 ranks the eleven market sectors from the strongest at the top to the weakest on the bottom.   The first thing to notice is that the week's strongest sectors have been real estate, consumer staples, and utilities which are all defensive in nature.   The weakest have been energy, materials, consumer cyclicals, financials, and industrials all of which are more economically-sensitive sectors.  Ten of the eleven sectors are in the red for the week.   Today's earlier message showed stock indexes under pressure with some moving average lines being broken.    The mania surrounding GameStop and a dozen other stocks may be contributing to the week's selling.

Chart 1
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John Murphy
About The Author:

A trailblazer in intermarket analysis, John authored key texts that shaped technical trading and helped generations of investors decode market trends using charts and correlations. Learn More 

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