Highlights
- The S&P 500 has declined for five straight weeks, and while conditions are less oversold now than they've been, the strongest repair is occurring in defensive and late-cycle sectors, keeping our bias toward selling the next rally.
- Leadership continues to rotate into areas like Energy, Materials, Chemicals, Utilities, and Staples, while Tech weakens further, reinforcing the defensive tone beneath the surface.
- Although select sectors are. . .
