Chart of the Day - Thursday, January 25, 2024

Patrick Dunuwila
January 24, 2024

🏆 Today’s Chart of the Day was shared by Larry Tentarelli (@bluechipdaily)

  • The Financial sector ($XLF) has been the 2nd strongest sector since the S&P 500 bottomed three months ago. $XLF is up +23% from the Oct. 27th low while $SPX is +19%.
  • $XLF closed at a 21-month high today. It’s firmly above the pre-banking crisis highs (black line), making all-time highs the next upside objective.
  • Financials recently surpassed Health Care as the 2nd largest sector, representing nearly 13% of the S&P 500. We keep hearing that Tech is the only game in town, but other vital sectors are doing their part.

The takeaway: The Financial sector ($XLF) has quietly outperformed during the recent rally, and the next upside objective is all-time highs.

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