Relative strength is missing from the S&P500

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 Relative strength is missing from the S&P500

Historically Industrials have the highest positive correlation with the overall market of all the S&P Sectors.

So if we replace the growth-heavy S&P500 with a more well-rounded denominator like Industrials, then you can see how that "relative strength" in Consumer Staples and Low Volatility disappears.

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Are these the types of charts you want to buy?

Or are these the ones you want to sell and avoid altogether?

I think it's important to consider your denominator.

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