Jul. 6 at 2:39 PM
Themes Lab — 7/5
Top-down read on where leadership lives, where it's cracking, and where rotation is building across 180+ themes.
LEADING THEMES (RS)
Memory — RS 86 (#1)
Semiconductor Equipment — RS 81 (#2)
Connectivity Semiconductors — RS 78 (#3)
Managed Care — RS 77 (#4)
Genomics — RS 72 (#5)
Semis still anchor the tape, but leadership is starting to lose momentum at the top. Memory and Semi Equipment remain high RS, but price action is no longer confirming acceleration, showing early fatigue.
COOLING AT THE TOP
High-RS themes losing trajectory, leadership starting to crack.
Power Semiconductors — RS 65 (Breaking Down)
$ALGM,
$STM
Lower highs and failed continuation attempts.
Electronics Distribution — RS 73 (Breaking Down)
$AVT
Breadth thinning and weaker follow-through.
Memory — RS 86 (Fading)
$SNDK,
$MU
RS still strong but price diverging from trend.
Semiconductor Equipment — RS 81 (Fading)
AMAT, AMAT
Large caps stalling, risk of broader semi pressure.
TOP SETUPS @ 21dma structure area
ALAB 100 — Connectivity Semiconductors
Still the strongest relative strength leader
HWM — Aerospace Components
Clean trend continuation
VIK — Travel
Controlled uptrend
TOL 67 — Housing
Early coiling structure
DHI — Housing
Breadth improving
SW 63 — Packaging
Steady accumulation
TT — HVAC
Trend intact but slowing
CART — Ad Measurement & Verification
Stable quality name
THEMES SETTING UP
Housing showing early breadth with TOL and DHI coiling at structure levels.
TAKEAWAY
Semis still lead, but internal structure is weakening. Strength narrowing into Connectivity plus selective non-tech like Aerospace, Travel, and Housing. Rotation is building, but breadth is tightening first.
