Sector Relative Strengh

This chart shows the sector relative strength (relative to S&P500) since a market bottom on March 9. The way I have computed the data is as follows: starting with March 9, each day's sector SPDR value is divided by SPY. This value is then divided by the value on March 9 (normalization). The primary purpose is to get an idea of how sector performance compares to each other and to broader market.

As you can see, XLF has significantly outperformed every other sector and the S&P500 by a wide margin. Then are 2 cluster: one consists of XLB, XLY and XLI, which have outperformed S&P500 to some extent.

XLK is in the middle and has closely tracked S&P500 till recently and is lagging behind now.

The second cluster includes XLE, XLP, XLU and XLV. Out of these the performance of XLE has started showing confirmed improvement.

Disclaimer: Long position in XLE.