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Energy's relative uptrend

Jason Goepfert
2020-12-10

For the first time in almost 2 years, energy is about to move into an uptrend relative to the broader market. The ratio of the S&P 500 Energy sector to the S&P 500 itself is oh-so-close to its 200-day average.

This would end the longest streak in a relative downtrend since 1990, by far.

Other times the ratio moved above its average for the 1st time in at least 9 months, it struggled to hold its momentum. When it failed almost immediately, watch out - long-term returns were very poor. While short-term upside follow-through wasn't a panacea, it at least seemed to be a better sign than those times when buyers shied away again right as the relative uptrend was getting started.

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