Below we update a familiar post highlighting market and sector trading envelopes for the Dow, S&P 500 and the ten S&P sectors.
Financials, industrials, technology and consumer discretionary continue to make new short-term lows leading the market lower.
Utilities and consumer staples have continued a nice up-trend with health care now staging a new move higher.
Materials, telecom and especially energy could be the deciding factor over whether this market enters a bearish cycle or recovers from the current correction. Those three sectors could continue their long-term trends, but with momentum slowing the earnings season will likely set the tone for the rest of the year.