The broad stock market continues to advance nicely, but the breadth has not been very good so far this week. However, it’s been nice to see the bank stock ETF’s break their key resistance levels. So, if it can see any upside follow-through, it’s going to be positive for the group.
The XLV healthcare ETF is testing a key resistance level. If it can break above that level in a significant way, it’s going to be bullish on a technical basis. That could/should help it outperform (rather than underperform…like it has for most of this year). This could make this defensive sector an interesting play in a stock market that is becoming very, very expensive.
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