Chart of the Day - Wednesday, October 2, 2024

🏆 Today's Chart of the Day was shared by Jason Goepfert (@jasongoepferrt)
 

• The Utilities sector is up +31.6% year-to-date, making it the best-performing sector in 2024. It's coming off its second-best quarter on record, gaining +18.6% in Q3. 
   
• The sector is starting to get extremely stretched by historical standards. Jason points out that $XLU is +20% above its 200-day moving average. 
   
• The only other occurrence took place in October 2000. $XLU peaked that day before getting cut in half over the next two years. 
   

Takeaway: The Utilities sector is leading by a solid margin YTD, but it has hardly ever been as stretched as it is now.