The XLI Industrial ETF is up approximately 18% year to date, yet it has largely gone unnoticed through the first 10 months of the year — even while outperforming the S & P 500 (+17%). There are two main reasons for this. First, it has clearly lagged the XLK Technology ETF , which leads the market with a 31% gain year-to-date. Second, XLI has made very little net progress in recent months; since its July'25 highs, it's currently up less than 1%. Today, we'll take a closer look at XLI and highlight how it's nearing a potential breakout that could also lead to renewed relative strength in the weeks ahead. This first chart illustrates the consolidation range described above, shown here as a trading box. Trading boxes are a simple way to categorize sideways price action, and when they form with

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