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 -0.26% ) moving to multi-week highs as stocks like AZO -0.07% CCL -1.50% CZR 1.89% HAS -0.51% NCLS ORLY 0.06% VFC -1.74% TSCO 0.35% 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 -0.26% , 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 -1.70% , PHM -1.07% and DHI -1.37% along with AMZN -0.60% and DPZ 1.65% (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 -1.50% '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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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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