Monday the transportation sector—iShares Transportation Average ETF (NYSE:)—closed the day +1.4% along with the Retail sector—SPDR® S&P Retail ETF (NYSE:)—also performing well, up +2.11%.
Theses two sectors are currently attempting to lead the market higher, but are having trouble getting other members of the Economic Modern Family to join in.
The rest of the family includes the Russell 2000—iShares Russell 2000 ETF (NYSE:), Regional Banks—SPDR® S&P Regional Banking ETF (NYSE:), Semiconductors—VanEck Vectors Semiconductor ETF (NYSE:), and Biotech—iShares NASDAQ Biotechnology ETF (NASDAQ:).
Each of these members is close to their 50-Day moving average and in the case of SMH, that broke underneath the MA on Monday.
In past articles, IYT leading the market has been a recurring theme. The movement of goods correlates to underlying economic strength as consumers drive the fundamentals of company earnings via supply and demand.
Additionally, IYT can be especially useful right now, for its opposition in price when compared to other Family members is clear.
This shows a deeper layer to the Family’s...read more...