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Materials still an overweight as Steel pushes back to new highs

Key Takeaways

  • US equities bounce continues, but is nearing upside price targets for SPX and QQQ
  • SLX has just broken out to new yearly highs which bodes well for continued strength
  • Materials 2021 relative breakout vs SPX is now continuing and this group should continue to be overweighted for outperformance
The near-term bounce for US equities continues, and likely can extend up to levels near SPX-4550-70 for SPX and QQQ-363 for QQQ.  However, this bounce is getting extended, and I don’t expect...

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