With all the chatter regarding the industrials, the group is still lower on a YTD time period. The XLI has declined by 5.5% in 2020, besting only very soft groups like utilities, real estate, financials and energy. Over the last month however they have been acting well, as it is the third best major S&P sector out of 11, although it is still just around the UNCH mark. The XLI has been hampered by the round 80 number, with five sessions above the figure intraday, but zero CLOSES above it. Two of those days registered bearish candlesticks with an engulfing and dark cloud cover patterns on 9/3 and 9/18 respectively. There has been little in the way of accumulation, but the ETF has set up a double bottom base with a pivot of 80.41. Strength has come from many pockets within the space, but most impressive have been the delivery giants in FDX and UPS. Both did not participate much during Wednesdays rally, but are each just 2-3% from most recent 52 week highs. Below is the ratio chart comparing the XLI to the S&P 500, which shows market participants are comfortable overweighting the industrials.