Sector Relative Strength Report - November 23, 2020

Sector rotation makes a more meaningful appearance this week; with Consumer Discretionary downshifting from 1st to 4th place as Retail weakens from historic strength. Both Staples and Financials ease one notch lower, while Utilities and Materials each gain a notch.

Other internals are also worth review.

The bullish percentage, or the number of issues above their 50-day moving averages, continues to make lower highs (74% for S&P 500, 66% DJIA 30), while momentum indicators negatively diverge (higher price highs, lower momentum highs). With volatility swinging back to test August lows headed into a shortened, light volume trading week, there is an increased probability for sector rotation to increase further.