Weekly MOTR Report (WMR): “Relative strength of cyclicals a good sign, but too early to get excited”

Relative strength amongst cyclicals has been particularly strong recently, despite the S&P 500 retesting its June lows. We would file this development under “Leading Indication of Trend Change” in our “Checklist of Trend Change” process. While this is positive news, it is only evidence that the market might be bottoming, not the more definitive evidence that it has bottomed.

With the. . .

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