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Technology dominates the relative highs breakout list

by Sentimentrader
2026-05-11
Tech stocks dominate relative new highs, driven by a massive semiconductor momentum thrust. With XLK relative strength breadth nearing a one-year high, historical data points to an 80% win rate over the next three months.

Key points

  • The Technology sector currently dominates the list of stocks hitting relative new highs, with semiconductors displaying the strongest overall momentum profiles.
  • A proprietary relative strength breadth indicator for the XLK ETF just surged near a one-year high, a momentum thrust that historically precedes an 80% win rate over the subsequent three months.
  • The Semiconductor ETF (SMH) maintains a perfect relative trend score against both the S&P 500 and the Software sector (IGV).

It's all relative when stock indexes advance

One of my favorite quotes captures why I focus so heavily on relative strength: In a bull market, almost everything advances, but to beat the market, you have to own what's rising more than the market.

"Markets are risky. And risk, everyone knows, involves loss, or the possibility of loss. The connection we all make between risk and loss is intuitive and powerful. Because the probability of equity loss is greatest when markets are falling, a stock's ability to defend against loss is most critically tested, and therefore best measured, during periods of general market decline. But rising markets are risky, too. Regardless of how well a stock defends against loss during falling markets, if it does not score gains as the market rises, the trader is subjected to anothe

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