The S&P 500 traded up yesterday, gaining 80 basis points in value. Looking at the sector performance, most sector's gained in value with outsized gains in discretionary, industrial, and telecom stocks with the later two sector essentially leading the market higher.
The price/volume heat map reflected the price gains to a certain extent. On a percentage basis, telecom was the strongest performer with nearly 60% of the stocks in the sector trading up with high volume support. The remainder of the sectors exhibited price gainers with high volume support amounting to about 50% or less of the stocks in group. It is my opinion that the price/volume heat map does not necessarily support the strong price gains in yesterday's market action.
The price/volume heat map reflected the price gains to a certain extent. On a percentage basis, telecom was the strongest performer with nearly 60% of the stocks in the sector trading up with high volume support. The remainder of the sectors exhibited price gainers with high volume support amounting to about 50% or less of the stocks in group. It is my opinion that the price/volume heat map does not necessarily support the strong price gains in yesterday's market action.
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