As the market rallies more than 2% today on the back of a strong Personal Consumption report, two sectors have actually broken above their 200-day moving averages for the first time in a long time. As shown below, Consumer Discretionary and Technology both broke above their 200-days today. This is definitely a positive technical formation for the two sectors, as it signals the end to a long-term downtrend and the confirmation of an uptrend. It's also a positive for the overall market that two cyclical sectors (one that is extremely tied to the consumer) are the first ones to break above their 200-days.
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