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Markets continue to show no signs of concern as new highs develop in Q4 and bullish trends hold (Chart 1). The S&P 500 recently posted a new all-time high of 3588.11 and the TSX is retested an all-time high near 18,000. Another welcoming sign for markets in 2021 are the sectors in the benchmark S&P 500. The industry groups that are performing best over the last 90 days are a promising sight. Industrials, Financials, Base metals, Consumer Discretionary and Communication services are all outperforming the S&P 500 (Chart 2). The bottom four sectors are all safe haven groups. Real Estate, Utilities, Health Care and Consumer staples are all defensive industry groups. The market is moving away from these “risk-off” groups and staying with “risk-on” sectors. The same action applies to fixed income. The market has been steadily moving away from bonds in Q4 (another safe haven security) and going for growth (stocks).

Donaldw donyCanadian society of technical analystsInternational federation of technical analystsHealth careAssociates incCanadian securities instituteNadeem walayatTrend forecastsMarket intoStock marketsConsumer discretionaryTechnical speculatorCanadian societyTechnical analystsInternational federationMarket oracle