Cyclicals catch a bid, but...

April 20, 2022 at 16:12 PM EDT

Mid-week market update: Cyclical industries have caught a bid in the last week. That's not a big surprise as they have been badly clobbered relative to the market. Transportation stocks exhibited impressive strength as they regained relative support turned resistance level. However, the relative performance of all of the other industries was either below relative support or in a relative downtrend (retailers). The cyclically sensitive copper/gold ratio also rebounded, but in the context of a broad sideways pattern (bottom panel).

Don't be fooled. Fade the rally.
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Cyclicals catch a bid, but...