Utilities 2023-07-18: Unchanged at "Weak" strength rating (6th strongest of 9 levels), previous move was up
Utilities, at a gut level, does not strike me as interesting. Its action bears this out. As noted below, there is stagnation (not a lot of movement) and churning, along with minimal movement of the underlying stocks. This will be reviewed on a secondary basis going forward.
Electric Utilities - a closer look
Out of curiosity, looking at this due to the +19% weekly gain of NOVA/Sunnova Energy International. The sub-industry is currently Weaker (7th strongest of 9 levels) and NOVA is at Strong, stronger than its sub-industry. At the moment TAC/Transalta Corp. and PNW/Pinnacle West Capital Corp. are the only two Strongest stocks here. Meanwhile, a whole host of stocks are Weakest.
Sometimes one "pop" can lead to others as the initial one attracts attention. Could be due to a short squeeze, or some mania taking hold. In this case for NOVA it appears to be the result of a positive analyst report focusing on solar. As always, I care about #whatnotwhy. And just because a stock has caught my eye for whatever reason doesn't mean it is a signal to move on it - there may be plenty of other fish in the sea more deserving of attention.
NOVA isn't a stock of interest. It is eliminated because neither its industry nor sub-industry are exhibiting desired actions. But it's nice to have a methodology which will flag such moves.
Leaders and Laggards
Current strongest and weakest stocks are shown below. These are of most interest as the downtrodden are prone to large (if perhaps temporary) pops while the strongest have been leading the charge for their sub-industries.
