World markets bottomed on Spetember 2022 and during the recovery, European stocks AMEX:FEZ outperformed US stocks TVC:DJI for 9 months
Nos, for the last 3 months, US stocks are back in the leadership as the DJI/FEZ ratio broke its downtrend back in April; just weeks before the AMEX:FEZ broke its trendline
That is why relative strength is so important, sometimes gives leading signals
And for the last 3 months, energy AMEX:XLE has been the leading sector, with coal being the ledading industry, the thing is that stocks like NYSE:CEIX, NYSE:AMR and NYSE:NRP are already extended
Let's wait for a base formation in these leading stocks