Chart of the Day - Wednesday, July 8th, 2020
July 8, 2020
Today’s Chart of the Day was shared on Twitter by Renaissance Macro Research (@RenMacLLC). It’s a chart of the Financial sector over the past three years. On an absolute basis, price is currently testing its 50-day moving average after failing to breach the 200-day last month. On a relative basis, the sector is breaking down and nearing record lows vs. the broader market (middle pane). This is a crucial area of the market to focus on right now. Bulls need Financials to get their act together, by improving on both an absolute and relative basis in the near-term.