Aerospace and defense related stocks, which make up the majority of members in our Space theme, broke out to new highs following the election last week. Even under conservative GDP growth estimates, a return to the average defense spending under Trump previously could grow defense spending by more than 10% compared to Biden. The group's relative strength improvement and reversing sentiment are bullish. Swift resolution of the short-term overbought condition and longer-term breadth divergence may lead to an upgrade of the theme.
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