Sector Update for December 3rd

Last week's sector update found a mixed picture of Technical Strength among the eight S&P 500 sectors that I track via a basket of 40 highly-weighted stocks. Here's how we look as of Wednesday's close:

MATERIALS: -200

INDUSTRIAL: -80

CONSUMER DISCRETIONARY: +160

CONSUMER STAPLES: -120

ENERGY: -100

HEALTH CARE: +120

FINANCIAL: -80

TECHNOLOGY: -40

Scores between +100 and -100 indicate a nontrending environment; scores of +300 or more represent a solid uptrend; scores of -300 or less occur during a solid downtrend. On a short-term basis, we're seeing a very mixed, non-trending picture for stocks. I will be watching the stocks and sectors closely for hints as to a breakout from this consolidation. This has been a tricky trading environment for traders expecting breakouts and trending moves, with sharp intraday reversals sustaining range bound conditions.
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