• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock When These Levels Break, The S&P 500 Is Going To Explode Higher
Stock

When These Levels Break, The S&P 500 Is Going To Explode Higher

by March 27, 2024
by March 27, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Summary

The Relative Rotation Graph for US Sectors for this week mainly shows a continuation of the rotations as they were underway last week.

XLB : Moving from lagging into improving at a strong RRG-Heading, underscoring the building up of relative strength for this sector.

XLC : Stable inside the leading quadrant on a short tail.

XLE : Adding a long new segment to the tail, pushing it further into the improving quadrant at the highest JdK RS-Momentum reading in the universe.

XLF : Inside the weakening quadrant but at a very short tail, indicating a stable relative uptrend that is going through a pause.

XLI : Pushing into the leading quadrant now at a strong RRG-Heading while moving away from the center (benchmark) of the chart. This suggests an improvement in relative strength.

XLK : This week, the tail is accelerating at a negative RRG, heading toward the lagging quadrant, urging (more) caution in the tech sector.

XLP : Remains stable, just above 100 on the JdK RS-Momentum scale on the left side of the RRG. Relative strength slowly drifting lower.

XLRE : The raw RS-line dropped below horizontal support, which will likely ignite a new acceleration lower, pushing the XLRE tail deeper into the lagging quadrant.

XLU : The tail picked up some relative momentum this week but no relative strength yet. This suggests it is more of a temporary move. This makes sense, as XLU has the lowest RS-Ratio reading in the universe.

XLV : The tail is crossing back into the lagging quadrant from improving. With the raw RS-Line dropping below horizontal support, more relative weakness is expected, pushing XLRE further into lagging.

XLY : Starting to improve slowly while inside the lagging quadrant. Not at a positive RRG-Heading yet

Discretionary beating Staples

One interesting observation that can be made from the RRG above is the Consumer Staples sector (XLP) slowly rotating out of favor while the Consumer Discretionary sector has started to pick up relative momentum inside the lagging quadrant and has now started to move back up.

When we zoom in on that relationship, using a daily RRG, it becomes visible that this rotation is now getting traction.

Let’s just say that discretionary beating staples in relative terms is NOT a characteristic of a bear market.

Sectors Pushing Against Major Resistance Levels

Another thing that caught my eye is that many sectors are pushing against or nearing major resistance levels. Including defensive sectors like Staples and Utilities, Healthcare has already broken higher.

It ain’t over until its over. When these sectors convincingly break their overhead resistance levels, they will likely provide new fuel to power the rally even further.

#StayAlert, –Julius

You Might Also Like
  • US Sectors Soar to New Highs!
  • CrowdStrike’s Epic Fail: Here are the Critical Trading Levels to Watch Now!
  • QQQ: Critical Levels to Watch as Nasdaq Teeters on the Edge
  • DP Trading Room: Key Support Levels for the SPY
Share
0
FacebookTwitterPinterestWhatsapp

previous post
S&P 7000 By End of 2024?
next post
Comer rejects Democrats’ demand for hearing on ‘influence peddling’ by Jared Kushner

You may also like

Earnings for 2023 Q3 Show Market Still Overvalued

January 5, 2024

Earnings Preview: The Technical Temperature

January 29, 2024

Technical and Fundamental Analysis on US Oil Fund

May 15, 2023

Why I Don’t Track the NH-NL Line

May 26, 2023

MEM TV: Strong Earnings Push Deeply Oversold Stocks Higher

May 6, 2023

MEM TV: Will The Markets to Continue Trading Higher? This...

November 11, 2023

Smart Money Alert: The Inside Scoop on Where it’s Going

July 18, 2023

Can Nvidia’s Stock Skyrocket Again? Key Levels to Watch Now!

June 27, 2024

AAPL and TSLA Stocks Are COLLAPSING!

March 7, 2024

How to Improve Your Trading by Limiting Your Options

February 18, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025
    • Amazon extends Prime Day discounts to 4 days as retailers weigh tariffs and price increases

      July 9, 2025
    • Breakout Watch: One Stock in Each Sector to Watch Now

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,630 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,575 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,660)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,660)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    High-Yield Opportunities for an Uncertain Market

    May 13, 2023

    Walmart Stood Strong When The Market...

    February 13, 2024

    DexCom Stock Rises From the Ashes:...

    January 17, 2025
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here