Market review 23.07.30
Staying the course
It was an event-filled week in markets. We got earnings reports from notable companies in many different sectors, as well as a Fed announcement. This created a lot of intraday reversals, but when we zoom out, things remain bullish.
We saw new all-time weekly closing highs in Semiconductors (SMH), Industrials (XLI), and Japan (DXJ). We also saw new 52-week highs in Transportation (IYT), Communications (XLC), the S&P 500 (SPY), and the Global Equity ETF (VT), to name a few.
Leadership remains within tech and consumer discretionary. Meanwhile, battery metals, solar, commercial real estate, and utilities continue to struggle.
Let’s look at specific areas in more detail.
This sector not only stands out on the above leadership board but also has the highest SCTR scores and some very noteworthy price charts.
This week, we saw some tech ETFs make major breakouts to new highs, including SMH and the Computer Hardware Index:
We also saw many tech segments lift higher after retesting major base supports, including FDN and Softbank.
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