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S&P Executes Wedge And Rotation To Defensive Sectors Accelerates

Since printing its high on 1 May, the S&P 500 has struggled to keep up and make its final push through resistance. Over the last three to four days, the bulls have capitulated, putting a reinforcement of the 2940-2950 resistance zone into place. The rising wedge formation that had been building up since March has now executed.

On the daily relative rotation graph for US sectors, the rotation to the more defensive sectors is now accelerating with Health Care, Utilities and Real Estate all inside the improving quadrant and rapidly heading towards leading at a strong RRG-Heading.

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Original author: Julius de Kempenaer
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