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Joe Friday’s famous line was…“Just the Facts Mam!” The Facts... broad markets remain above support and inside of their respective flag/pennant patterns. As of Friday morning, pre-market, the NYSE and 500 index remain lower on the week!
Relative weakness winners, like basic materials (IYM), remain over 2% lower on the week and again reflected relative weakness yesterday as the S&P 500 gained almost 1.5% and IYM was flat for the day.
In the past, during quality broad market rallies that lasted, you didn’t see sectors such as basic materials reflect this type of weakness!