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The S&P Materials sector has moved well above the April highs, having rallied 33.4% from the July lows. The Materials have chart resistance and Fibonacci targets in the 238-242 area, which is 6%-8% above last Friday’s close. The S&P Casino and Gambling group had been lagging many of the other sectors, but it was quite strong last week, which suggests that money may be flowing into the sector. Some of the stocks in this group have rallied sharply, like Wynn Resorts (WYNN), but there are others including Boyd Gaming Corporation (BYD) and MGM Mirage (MGM) that are still well below the April highs.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
