XLRE is an underperforming sector with a negative outlook, as it has failed to break higher for over two months and is likely to decline.

And then we have XLRE, real estate, that is now clearly an underperformer. Look at that rotation. It's even hooked backwards, which means that rotation was really fast. If you would show this on a daily chart, you would see a very rapid rotation through all four quadrants, moving back into the lagging quadrant.

That has happened in a couple of weeks here for real estate. So, that's really a negative outlook for the real estate sector right now.

And then real estate, we talked about real estate. I think that what you saw on that RRG, that rotation back down, that's what you see right here. This raw RS is still inside its trading range, but it is now it's been trying that since June, since the start of June.

So, for more than 2 months, real estate has tried to break higher, and [clears throat] it didn't work. It didn't take it out. And what you very often see is that when the breakout to the upside doesn't come, you will see the opposite happening.

And I'm afraid that that's what might be playing out under the hood here. So, I'm going to move this to an underperformance recommendation. I'm not confident that we will be able to break, and even if you break the strength line also still needs to do a lot of work to get out of that trading range.

So, real estate right now is one of my underperforming sectors.