Today’s Chart of the Day was shared on Twitter by Willie Delwiche (@WillieDelwiche) It's a weekly candlestick chart of the equal-weight S&P 500 ETF, $RSP, over the past three years. Despite a rocky week, Willie points out that the equal-weight S&P 500 closed at a fresh weekly high today. This speaks to the ongoing rotation we've seen recently. Heavily weighted Tech stocks have seen some profit-taking, while the left-for-dead areas of the market, like Energy and Financials, have come to life. In a comment to The Chart Report, Willie said, "Even with the rotation away from Tech towards cyclicals, investors are not becoming defensive. Instead, they're finding and following the new leaders."
Chart of the Day - Friday, March 5th, 2021
March 5, 2021
