Airedale - I can't disagree with the sector data you have posted, however, E-wave is saying something else at this time. It is interesting though, that the markets have continued to move downward, yet there are sectors that you are noting which appear to have made their 40 week lows. I do note that the market response, post - 40 week nested low with larger cycles in an 'up' position, has not acted as one would expect save for a single run-up of significance. This would seem to indicate that the bounce off the nested low of those stocks/sectors you are looking at has been weaker than expected or is being offset elsewhere. If the 40 week nested low is yet to be seen I believe that Mr. Cash posts a tentative target of ~spx 1132. My target (non-Hurst) is an overshoot of this at ~1110 area with the possibility of a cascading decline into the end of May. This week should be helpful to sort things out as option expiry 'could' lead into the markets rallying which would support your view or continued decline, possibly significant decline, which would likely require sector re-evaluation.
Regards,
Gary
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