![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBMVubOh28VTYkccxxvXxoX5YRiGBo9JiBLay3mHeIucaUTn3jeM-1unNSwZf8lpqpBaV5ipJONQcbN9MzrQZCLxwyxsyPpqIIMhnUadMiQK_V8eeuQ6T1f_gsRVuui4PqMCgKxT6k_jCE/s320/09-25+market+sectors+week+a.jpg)
Bonds rose modestly while stocks backed down. As pointed out in last night's blog, the S&P weekly data was setting up for a rest at the 4 week trend line around 1044. The S&P closed right at that level, 1044.38. Holding such support generally means a continuation of the trend.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgx1lfH06MfWsoY7_e1CtIly8d-dWOKjq6UTv85zUnUhWQV3L5_Dwm2xAQuaAspSlKgr2M1BKMTiLaPqNPjqRsqrZwMFjRzB0rQ0VuCjxFWOs2BfxORuLskFeiIAt2tXYRAcIn0ox-18Ll7/s320/09-25+xlb+week.jpg)
Most industry sector charts reflect pretty much what the S&P chart shows, a retracement to a rising trendline. The Basic Materials Sector has been one of the strongest sectors this year. It fell more than 4% this week but still has just backed down to a trendline. Sure does look as if markets will continue higher.
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