Friday, December 20, 2024 9:11 AM EDT
It doesn’t officially start until tomorrow, but already it has been a December of discontent for bulls as breadth has been negative for a record 14 straight trading days and looks likely to extend that streak to 15. This kind of consistent broad weakness is unprecedented, and it’s reflected in the performance of the eleven sector ETFs and where they’re trading relative to their short-term trading ranges. Every one of them is down at least 2% in the last five trading days, and three have dropped at least 6%. Just two sectors headed into today above their 50-day moving averages, and seven have dropped into oversold territory, including six in ‘extreme’ oversold territory (more than two standard deviations below their 50-DMAs).

More By This Author:
Dow Looks To Avoid 10 In A Row Quantum Stocks LeapLucky Friday The 13th?
Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any ...
more
Disclaimer: Bespoke Investment Group, LLC believes all information contained in this report to be accurate, but we do not guarantee its accuracy. None of the information in this report or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. This is not personalized advice. Investors should do their own research and/or work with an investment professional when making portfolio decisions. As always, past performance of any investment is not a guarantee of future results. Bespoke representatives or clients may have positions in securities discussed or mentioned in its published content.
For more global markets and macroeconomic coverage, make sure to check out Bespoke’s Morning Lineup and nightly Closer notes, as well as our weekly Global Macro Dashboard. Start a two-week free trial to Bespoke Institutional to access The Closer and the rest of Bespoke’s suite of Institutional products.
less
How did you like this article? Let us know so we can better customize your reading experience.