Over the years I have also periodically looked at the yearly pivot analysis which uses pivot levels determined by the prior year’s price data. I noted that only the Technology Sector (XLK XLK ) and Communication Sectors (XLC XLC were positive on a YTD basis and trading above their yearly pivots. Two other ETFs, the Industrial Sector (XLI XLI ) and the Energy Sector (XLE XLE ) were trading above their yearly pivots but were weaker YTD than the SPY. Those in red closed below their yearly pivot which is also included as is the gap with the yearly pivot (% Piv). As a further part of the selection process, I also monitor the monthly RS analysis of those ETFs where the weekly RS analysis is positive.

Source: Forbes January 19, 2024 23:41 UTC