Nothing quite that specific that I can put my fingers on, but there is quite a bit of research similar to the paper that I've attached that supports the general premise. See what you think.
Attachments
Returns to Buying Winners and Selling Losers - Implications for Stock Market.pdf
Relative Performance chart (weekly) of leading sectors using Vanguard sector ETFs from March bottom. From top to bottom along right axis - VCR, VGT, VAW, VOX, VDE.
Relative Performance charts (weekly) of leading sectors and leading subsectors/industries using Vanguard ETFs from March bottom. VTI included for reference. I added a second anchor point for determining the ranking this week.
Relative Performance charts (weekly) of leading sectors (using Vanguard ETFs) and leading subsectors/industries from March bottom. VTI included for reference. Multiple lookback/anchor points used in ranking.
Tech is still ranking high, so I've included it in my sector ranking, but I've omitted any tech subsector/industry funds from my consideration. It is the only sector that I did any selling in at the end of the day on Friday. Did some buying in the morning elsewhere. It'll probably be a little more challenging in the weeks to come than it has been for the past few months. Ya think?
That's VIS hiding behind VOX and VTI at the lower end of the y axis, btw.