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Morning Insights: November 24, 2020

By:

CMT

Small Cap Stocks Continue to Climb After a Third Monday of Positive Covid Vaccine News

  • Small Caps Lead as Stocks Trade Higher on the Back of Another Covid Vaccine
  • Industrials Continue to Move Higher as Rotation Theme Persists
  • Financials and Energy Continue to See a Relative Improvement
  • Equal Weight Technology Trading Near 52-Week Highs
  • Futures Point to a Higher Open Today

Key Chart – SPDR S&P 500 Equal Weight Technology ETF (RYT)

While the Technology Sector has come under relative pressure in the near-term, our belief is that weakness is concentrated in the largest names. The Invesco S&P 500 Equal Weight Technology ETF (RYT) has a Bullish Rating and is trading at a 52-week high.

Additionally, the fund has seen the intensity of its outperformance increasing over the past two weeks. RYT is above the rising long-term trend line with price-based support in near $225. Chaikin Money Flow is bearish but the fund has a bullish Power Bar Ratio at 15 to 5.

SPDR S&P 500 Equal Weight Technology ETF (RYT)

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