Equities pushed to record highs again this week. Strength in financials benefited small caps, while technology underperformed.
Industrials, financials and materials all hit new 52-week highs.
Within financials, the banking sector (S&P Bank Index) made an important breakout.
SPDR Technology (XLK) versus SPDR S&P 500 (SPY) reflects tech underperformance in September. Semiconductors hit a new 52-week high, but large-cap tech stocks such as Apple (AAPL), Google (GOOGL), Oracle (ORCL) and Amazon (AMZN) have pulled the broader sector lower.
The U.S. Dollar Index bottomed in September and has since advanced about 3 percent. UUP should rally to the midpoint of the prior trading range, around $25.
Biotech shares moved higher this week, cementing leadership over the healthcare sector.
Energy was overbought last week and finally started rolling over in the past few trading sessions.
