Chart of the Day - Tuesday, June 29th, 2021
June 29, 2021
Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge). It's a chart of the Utilities sector vs. the S&P 500 (top), and the Consumer Staples sector vs. the S&P 500 (bottom). There continue to be some mixed signals in the market, but this one is for the bulls. Grant points out that Utilities and Staples are hitting new lows on a relative basis. These are arguably the two most defensive sectors of the S&P 500. If they were outperforming, it would be bearish evidence of a flight to safety. But they're not. Quite the opposite actually. For now, these relative trends continue to suggest that it's time to play offense rather than defense.