The industrials, as measured by the XLI, have been a respectable major S&P sector performer gaining by double digits 4 of the last 5 years (fell 13.3% in 2018). In 2020 in acted well, although it did underperform the S&P 500, as BA weighed on the fund for parts of the year. Below is the ratio chart comparing the XLI to the S&P 500, and it seems to be losing its touch, with a break below an uptrend, although Wednesdays vigor brought it right back to the breakdown. The strength in heavy construction and transportation services has been overshadowed by the fragility in delivery services (we speak below on FDX and UPS) and defense and trucking names. The ITA for example is still 22% off most recent 52 week highs, and the ETF has not come close to even reaching, forget exceeding, former last March highs. In any diverse sector, you will find pockets of stability, and areas of vulnerability. Search within and you shall find.