Health-care stocks are due for a turnaround after a historically bad month, according to the charts

The Health Care Select Sector SPDR Fund (XLV) was down over 5% in May, as the S & P 500 gained over 6%, which means that XLV underperformed the index by 11%. That's a huge performance discrepancy. In fact, it was the worst relative monthly percent move vs. the SPX in XLV's history, dating back to late 1998. As is clear from this long-term chart, the odds of this horribly bad relative weakness continuing at this same pace is low – at least for June. XLV itself now has approached two major long-term support levels after the recent downturn. The first is the rising trendline that begins at the 2009 financial crisis low and extends through the Covid bottom. XLV tested this line in mid-May, bounced and finished the month modestly off its lows. The second key support zone comes from the cluster