Industrial Influence:

The industrial group, via the XLI, is now the 4th best major S&P sector performer on a YTD basis. The ETF is higher by more than 17% in 2021, and it has been helped primarily by heavy construction with the anticipation of an infrastructure bill, which truth be told has fallen on deaf ears. For the week the fund has advanced by nearly 2%, and if it ends the week on a positive note it will register a 7-week winning streak. The prior 6 weeks all CLOSED at the top of their WEEKLY ranges, and in fact, all WEEKLY gainers since the beginning of last December have done so as well. Some names within the group that look like they are ready to accelerate higher are GVA, and Wednesdays break above a bullish ascending triangle pivot of 41 carries a measured move to 48. ACM is edging above a bull flag pivot of 68, which would carries a measured move to 76. CRH, an Irish materials name is flirting with the very round 50 number here. The group seems to be firing on all cylinders at the moment.

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