Chart of the Day - Friday, November 15, 2024

🏆 Today's Chart of the Day was shared by @TheDonIvesting.
 

• The Health Care Sector ($XLV) dropped -5.5% this week, marking its worst week in four years. It's now the weakest sector YTD (+5.2%) and the only negative sector QTD (-6.2%). 
   
• Donovan points out that $XLV is testing its 2022 highs, around $140. Relapsing into this multi-year range would be a major setback for the fourth-largest sector of the S&P 500.
    
• The largest stocks in $XLV and their weightings are:
  1.) $LLY - Eli Lilly & Co. (11.7%) 
  2.) $UNH - UnitedHealth Group (10.3%)
  3.) $JNJ - Jonson & Johnson (6.9%)
  4.) $ABBV - AbbVie Inc. (5.7%)
  5.) $MRK - Merck & Co. ( 4.7%) 

The Takeaway: Health Care is testing a critical level around $140 after retracing its entire breakout from earlier this year. Losing this level would be a major setback for the fourth-largest sector of the S&P 500.