Leadership Trends Taking A Defensive Turn
Participation remains narrow as market struggles for direction
Key Takeaway: Japan & India made new highs last week while sector-level trends remain a mess in the US.
More Context: Three-quarters of global markets are trading below their 50-day average and only half are still above their 200-day average. But Japan and India are making new highs and stand out as areas of absolute and relative strength. We have exposure to both in our Dynamic Cyclical Portfolio.
At home, a focus on relative leadership can obscure a trend environment that remains a choppy mess. Almost the sectors in the S&P 500 are above last summer's lows, but a majority of sectors are churning below last summer's highs.
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