Breadth metrics show the Energy, Aerospace and Semiconductor industries are the most bullish sectors of the stock market and momentum is likely to send prices higher still, according to Terence Brogan, Co-Head Market Technician at Brogan Group Equity Research.

Brogan says that Exploration & Production, Aerospace & Defense and Semiconductors are the leading equity sectors based on breadth and relative performance, and are where major accumulations are taking place in the market (see Chart). He points out, however, that the message for Semiconductors is not as bullish as it is for the other two because relative performance is less strong at the level of individual constituents stocks.

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