Auto parts companies have been the darling of wall street for years, gaining several hundred percent more than the S&P 500 since the 2009 lows. Of late, something is changing for this very hot sector. Below looks at Autozone (AZO)and O’Reilly (ORLY) over the past few years.
Could auto parts companies be “Canaries In A Coal Mine” per sending a message to the broad markets?
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Both of these stocks have remained inside of clean rising channels since 2011. Of late both have slipped below rising channel support. Now they are working on a breakdown of horizontal support above.
This sector has been a quality leader to the upside since 2009 lows. Keep your eye on them going forward, in case they become downside leaders!
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