Sectors

Which corners of the market are leading or lagging, measured against the S&P 500.

AI read

Financials and Industrials lead the market over the last month while Real Estate and Consumer Staples lag. Money is leaning into risk: cyclical groups are outrunning the defensives. Watch whether the leaders hold their spot: rotation at the top of this board usually shows up before it reaches the index.

Sector heat · relative strength vs S&P, 20 days Cyclical rotation +2.0pp

Industrials

+3.5

Financials

+2.9

Healthcare

+1.5

Technology

+1.4

Consumer Discretionary

-0.4

Utilities

-0.5

Materials

-1.1

Communications

-3.2

Real Estate

-4.9

Consumer Staples

-5.3

Energy

-9.2

Cyclical rotation cyclicals vs defensives +2.0pp · 20d

Cyclicals are leading defensives, money is leaning into growth and risk.

Sector strength

Ranked by 20-day relative strength vs SPY. RS in percentage points, positive means leading the index.

Sector	Verdict	5D	RS 5D	20D	RS 20D	60D	RS 60D	RSI
Industrials XLI Slowing	STRONG	-1.08%	-2.12pp	+7.23%	+3.49pp	+4.94%	-3.41pp	52
Financials XLF Late	STRONG	+0.16%	-0.87pp	+6.66%	+2.93pp	+7.59%	-0.77pp	69
Healthcare XLV Late	INLINE	-1.77%	-2.81pp	+5.23%	+1.50pp	+8.07%	-0.29pp	72
Technology XLK Slowing	INLINE	+2.87%	+1.84pp	+5.18%	+1.45pp	+25.58%	+17.22pp	44
Consumer Discretionary XLY Turning down	INLINE	+0.10%	-0.93pp	+3.30%	-0.43pp	+0.69%	-7.67pp	50
Utilities XLU Slowing	INLINE	-0.76%	-1.80pp	+3.20%	-0.53pp	-2.28%	-10.64pp	56
Materials XLB Turning down	INLINE	-2.15%	-3.19pp	+2.60%	-1.13pp	-2.15%	-10.51pp	43
Communications XLC Early	LAGGING	+1.86%	+0.82pp	+0.57%	-3.16pp	-4.22%	-12.58pp	57
Real Estate XLRE Slowing	LAGGING	-0.51%	-1.55pp	-1.20%	-4.93pp	+2.35%	-6.01pp	55
Consumer Staples XLP Turning down	LAGGING	-1.02%	-2.06pp	-1.60%	-5.33pp	+3.25%	-5.10pp	53
Energy XLE Turning down	WEAK	+3.49%	+2.46pp	-5.44%	-9.17pp	-1.55%	-9.91pp	59