“Healthcare has taken a respite the past few weeks following strong gains since the start of 2013,” he said in a newsletter Wednesday.
“XLV hows a consolidation since notching a record high on April 23. The relative chart has corrected but the yearlong uptrend still stands,” the analyst noted. “Providing the price avoids a breakdown through the 50-day exponential moving average around $46 [a share]we would view any further weakness as a buying opportunity.”
The chart below shows the year-to-date performance of nine sector ETFs, using the S&P 500 as the baseline.
