Defensive sectors like Healthcare, Consumer Staples and Utilities are ticking new highs as the market rotates.
Market rotation was a theme running through NFTRH 824 last weekend. As recessionary pressures slowly build, the machines are methodically rotating to the defensive sectors relative to the offensive ones.
In #824 we noted the precarious state of the cyclical market leadership chain (SOX > NDX > SPX). The back end of the chain (SPX) includes the defensives, so logically it would be performing better than its two leaders. Here’s a picture of Healthcare, Consumer Staples and the Utes, not only ticking new highs for the cycle, but also new highs, all-time.
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