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TPA-RRG Weekly Commentary
Top 20-Bottom 20
The Top 20 and Bottom 20 constituents are mostly as it was on 2/3/23; the top stocks are mostly TECH and Communications, while the Bottom stocks are Energy, Commodity, and a smattering of Health Care. Although TECH was weak last week, the general pattern toward a changing of the guard seems to be in place.
Sector ranking remains mostly as it did last week. An area for concern can be seen in the highlighted section of the Sector RRG below as TECH (XLK) and SEMI (SMH) have lost momentum. This brings them off course, but our guess is that they will return to their trajectory of the past weeks soon.
Sector RRG – zoom
The market, as a whole, treaded water last week, with TECH breaking from the plan and putting in the worst performance (table below). Still, the S&P500 remains over 4000, which means its recent breakout is intact (chart below)
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