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Defensive Sectors Indicate Late-Stage Rotation

Founder & Editor @ NFTRH.com
August 29, 2024

Defensive sectors like Healthcare, Consumer Staples and Utilities are ticking new highs as the market rotates.

Market rotation was a theme running through NFTRH 824 last weekend. As recessionary pressures slowly build, the machines are methodically rotating to the defensive sectors relative to the offensive ones.

In #824 we noted the precarious state of the cyclical market leadership chain (SOX > NDX > SPX). The back end of the chain (SPX) includes the defensives, so logically it would be performing better than its two leaders. Here’s a picture of Healthcare, Consumer Staples and the Utes, not only ticking new highs for the cycle, but also new highs, all-time.

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Gary Tanashian is founder and editor of the popular Notes from the Rabbit Hole (NFTRH). Gary successfully owned and operated a progressive medical component manufacturing company for 21 years, keeping the company’s fundamentals in alignment with global economic realities through various economic cycles. The natural progression from this experience is an understanding of and appreciation for global macro-economics as it relates to individual markets and sectors.


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