While Large-Cap Tech's decline is making many think today's market is down, Equal-wgt $SPX ($RSP) is higher by +0.78%, and we're seeing DJ Transports rise to highest levels on a closing basis in over 3 mths-$XLK -0.36%, but $RSPT (Equal-wgtd #Tech) is up +0.66%. Food for… pic.twitter.com/pAKqRJ1y9y
— Mark Newton CMT (@MarkNewtonCMT) June 26, 2023
Today’s Chart of the Day was shared by Mark Newton (@MarkNewtonCMT). It’s a daily candlestick chart of the Dow Transportation Index year-to-date. The S&P 500 kicked off the week on a sour note, falling -0.45%. Mega Cap leaders were largely to blame, as most stocks in the S&P 500 closed higher. Mark points out that the closing print in the S&P 500 doesn’t really reflect some of the bullish developments that took place today. For starters, the Equal Weight S&P 500 ($RSP) closed higher by +0.61%. Secondly, the Dow Transportation Index ($DJT) rose +1.39% to a fresh three-month high. Lastly, the Equal Weight Technology ETF ($RSPT) rose +0.17%. There was plenty for the bulls to embrace in today’s session, despite the weakness in the S&P 500.