SPY Breadth Improves, But RS Highs Lag
Another Instance of Situational Awareness
Strengthening breadth must come alongside a growing count of industry groups hitting fresh 1-month RS highs in my opinion. Here’s what I’ve observed since we hit the all-time high on 29 October.
29 October: $SPDR S&P 500 ETF Trust(SPY)$ at $687 (ATH), Net High–Low: -543, Industry Groups at 1-Month Highs: 11 of 109
12th November SPY $683, Net High–Low: +263, Industry Groups at 1-Month Highs: 5 of 109
3rd December: SPY $683 (again), Net High–Low: +674, Industry Groups at 1-Month Highs: 21 of 109
Further reference, and full industry group ETF list are shared below;
$VanEck Steel ETF(SLX)$ $SPDR S&P Transportation ETF(XTN)$ $INVESCO LEISURE AND ENTERTAINMENT ETF(PEJ)$ $U.S. Global Jets ETF(JETS)$ $iShares U.S. Transportation ETF(IYT)$ $1x Short VIX Futures ETF(SVIX)$ $iShares MSCI Brazil ETF(EWZ)$ $Global X Copper Miners ETF(COPX)$ $Roundhill Sports Betting & iGaming ETF(BETZ)$ $SPDR S&P Metals & Mining ETF(XME)$ $SPDR S&P Oil & Gas Equipment & Services ETF(XES)$ $VanEck Semiconductor ETF(SMH)$ $iShares Semiconductor ETF(SOXX)$ $SPDR S&P Retail ETF(XRT)$ $VanEck Oil Services ETF(OIH)$ $iShares U.S. Home Construction ETF(ITB)$ $SPDR S&P Regional Banking ETF(KRE)$ $SPDR S&P Bank ETF(KBE)$ $United States Natural Gas Fund LP(UNG)$ $Global X MSCI Argentina ETF(ARGT)$ $First Trust Natural Gas ETF(FCG)$
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