Chart of the Day - Thursday, June 22, 2023

Today's Chart of the Day was shared by Gina Martin Adams (@GinaMartinAdams). These three industry groups often act as leading indicators for the stock market and the economy. Semiconductors (top) and Homebuilders (middle) have been two of the strongest industry groups year-to-date. Both recently broke out to record highs after basing for the past year and a half. Transports remain below their highs, but they're attempting to clear resistance from the Aug/Feb highs. As Gina points out, this adds confirmation to the bull case, as you don't often see two of the three leading industry groups breaking out to record highs in a bear market.