Weekly MOTR Report (WMR): “Supports Tested, Leadership Still Healthy.”

Highlights

• The S&P tested important supports last week, reaching a moderately oversold condition in the process.
• Importantly, there was little to no damage done to underlying structure, and leadership remains cyclical and growth oriented.
• This leaves us bullishly positioned, aware of the growing divergences, but of the mind that they are not relevant at this time.
• More recently, we are intrigued by the rise of Energy, Industrial Metals, and Transports--specifically Fuel Tankers and Ships--among leading industries.

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