Stocks Churn in Front of Earnings Season Kickoff; Breadth is Still Bullish
- Choppy Trade Continues Ahead of Earnings Season
- Builders Losing Leadership Position?
- Banks Are Overbought Ahead of Reports
- Breadth Remains Supportive of a Bullish Trend
- Futures Point to a Mixed Open Today
Key Chart – SPDR S&P Homebuilders ETF (XHB)
After emerging as a COVID leader, the homebuilders may be giving up that leadership position. The SPDR S&P Homebuilders ETF (XHB) has a Neutral Rating. The fund is in an uptrend on an absolute basis but it is the waning relative strength that has caught our attention. Chaikin Money Flow is bullish and we are watching to see if the group can regain a leading role in the market’s bullish trend.
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