May 2024 barometer update
How things have changed for the FTSE 100! In April it made 2.4%. In comparison, the Japanese Topix made -0.9%, the German DAX -2.0%, the Nasdaq -2.4%, the S&P 500 -2.6% and the Dow -3.6%. The Sector Rotation Clock hasn’t changed from Early Expansion in the cycle.
Here is the clock with the bullish and bearish super-sectors updated:
The super-sectors Materials, Energy and Healthcare have all advanced to their next level, either becoming bullish or moving from bearish to neutral.
To summarise the indicators:
The Barometer has climbed to +3.
The Hi-Lo-Grometer has remained in the light green zone. The 52-week highs and lows both exceed 100.
The US Treasury Yield indicator has remained inverted but has risen to the -80 points zone.
The US markets appear to be recovering from their recent dip. However the FTSE seems to be benefiting from renewed mergers and acquisition activity. There are currently seven ongoing bids for FTSE 350 companies against two for the whole of 2023. This momentum should continue to generate new highs.
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