EQUITY TRENDS SHOW NO EVIDENCE OF WAVERING - SPX TRENDS REMAIN POSITIVE AND PRICES HAVE PUSHED THROUGH THE PRESIDENTS’ DAY WEEKEND WITH LITTLE TO NO...

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Tue, February 27, 2024 | 3:59PM ET

⚡ FlashInsights

Tue, February 27, 2024 | 3:59PM ET

Discretionary is making good strides lately, with the Equal-weighted Invesco Consumer Discretionary/Equal-weighted S&P ETF ratio (RCD/RSP 1.30% ) moving to multi-week highs as stocks like AZO 0.63% CCL 0.96% CZR 0.40% HAS -0.44% NCLS ORLY 1.33% VFC 1.61% TSCO 1.34% all showing above-avg gains in today's trading. However, on a larger scale, there hasn't yet been a material breakout to suggest intermediate-term outperformance in Consumer Discretionary. However, i do suspect this happens in 2024, and once this larger downtrend is broken in the relative ratio of RCD to RSP 1.30% , we'll see some outsized relative strength in Discretionary names. as this sector will begin to outperform in the near-term, technically. It's early to overweight, but I'll be watching and this Discretionary sector certainly has some names of interest. As many know, i favor the Homebuilders like LEN -0.10% , PHM -0.05% and DHI -0.77% along with AMZN -2.45% and DPZ 1.57% (on my UPTICKS list) but also feel like the Casinos and Cruise-liners are attractive stocks for mean reversion outperformance for 2024. I like CCL 0.96% 's move today for example technically which is exceeding a 2 month downtrend and this might jumpstart this stock in the short run. Below is the ratio of Discretionary to S&P 500, both shown in Equal-weighted terms

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GOOG	$167.68	-5.44%
AAPL	$228.68	-0.14%
CSCO	$57.59	+0.16%
XLNX	$216.11	+3.65%
GRMN	$209.11	+1.71%
VGX	$0.01	-0.83%
AVAX	$35.92	+6.06%
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Mark L. Newton, CMT ^AC

This report is accessible to
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Mark L. Newton, CMT ^AC

This report is accessible to
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Mark L. Newton, CMT ^AC

This report is accessible to
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This report is accessible to
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Mark L. Newton, CMT ^AC

This report is accessible to
FSI Pro, FSI Macro memberships.

Mark L. Newton, CMT ^AC

Mark L. Newton, CMT ^AC

This report is accessible to
FSI Pro, FSI Macro memberships.

Mark L. Newton, CMT ^AC

This report is accessible to
FSI Pro, FSI Macro memberships.

Mark L. Newton, CMT ^AC

This report is accessible to
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This report is accessible to
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Mark L. Newton, CMT ^AC

This report is accessible to
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This report is accessible to
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Mark L. Newton, CMT ^AC

This report is accessible to
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Mark L. Newton, CMT ^AC

This report is accessible to
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Mark L. Newton, CMT ^AC

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