From Kimble Charting Solutions:
A year ago today, the S&P 500 hit its 2011 highs. Basic Materials ETF (IYM) reflected weakness before the 500 hit its highs.
Looking back on the past one year, IYM is trailing/underperformed the S&P 500 by 20%. Odds are pretty high that the S&P 500 needs this sector to break falling resistance, before an extended and quality upside move in the 500 is to take place.
Watch this lagger right now, as it…