This week, most of the media’s attention will most likely be pointed towards the Fed's Jackson Hole meeting and Nvidia's (NVDA) earnings, but the real fireworks may happen in a less popular sector.
First let’s give it some context.
The table below shows the market sectors with additional markets (crypto, bonds, oil, gold) ordered by their distance from their 52-week high.
One way to identify strong trends with table is to look at the following columns – the trend Ratings (>3), July Range (above), Phase, Hit 10 Day High.
With the S&P down for the week, I wasn’t expecting to see XLB (Basic Materials) at the top of this list and hitting a new 10-day high.
It does have some exposure to metals and mining, but that’s not why it’s so strong.
Additionally, the chart has a very bullish breakout pattern. So what’s driving XLB, and which stocks offer the best trend-trading opportunities?
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