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Ryan Detrick, chief market strategist at Carson Group, notes that staples are making more new lows against the S&P 500.
He highlights that the ongoing underperformance of defensive sectors throughout the month may be a bullish indicator, suggesting September could prove to be a strong period for equities. Detrick also references a report by another analyst that provided similar insight.
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Earlier this month, Detrick said he does not expect a U.S. Federal Reserve rate hike at the upcoming policy meeting, citing limited market impact from recent decisions. In June, he observed that the S&P 500 could approach 8,000 if the index remains above its previous high, according to his analysis in an earlier report. His recent comments on sector performance add to this ongoing market outlook.