Are we technically seeing a bullish flag pattern emerging? Today, the Industrials sector is the market’s top performer, up 2.68% while YTD it’s in the red (along with every sector except tech) down -18.82. Using XLI (SPDR ETF) as a proxy, we see resistance at 76.60 and near-term support at around 65.00. Much of this rests on incoming and mostly uncertain fundamental data, so if the sector were to rebound, based on this technical pattern, it’s up to you to determine who much of the rebound is in line with or diverges from economic reality.
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