Updated Models & Spotlight Chart 3/23/2025

Why International Strength May Begin to Stall

The S&P 500 rose 0.5% last week, led by the XLE, XLF, and XLV sectors. The Index continues to struggle to regain its 200-day moving average. I’ve written in prior letters about the expectation of a bounce higher and it’s now +2.65% off the low, just under the median return following prior initial 10% corrections.

This week’s Spotlight Charts looks at international markets and the strength they’ve been exhibiting and one chart that says that may begin to struggle in relative performance.

Summary of Models

Index & Sector Performance Summary