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|Includes: SPDR S&P 500 Trust ETF (SPY), XLI, XLK, XLP, XLU, XLV, XLY

On Friday, the S&P 500 closed at 882.88, down 1.2% to finish off a difficult week.  For the week, the Dow fell 3.6%, the S&P 500 index lost 5% and the Nasdaq slid 3.4%.
On Friday the Utilities (NYSEARCA:XLU) had a big meltdown to make it the first sector to closing below the TREND and TRADE lines.  As we ended last week three sectors have broken the TRADE line - Technology (NYSEARCA:XLK) Utilities (XLU) and Consumer discretionary (NYSEARCA:XLY).  Despite last week's correction; positive TRADE and TREND (819) remains for the S&P 500. The Research Edge quantitative models suggest that 8 of 9 sectors in the S&P 500 are positive on TREND and six of nine sectors are positive from TRADE duration.
The dollar finished up 0.9% on Friday; the biggest one day gain since the end of April and the VIX rallied 5.5% creating trouble for equities!  Right now the Research Edge models suggest that there is 1% downside and 2.5% upside in the S&P 500.  At the time of writing, U.S. stock futures were pointing to a higher open.
The XLV (Healthcare) outperformed on a relative basis, closing down 0.8% to 25.33.  While the XLV was down on Friday, last week was a solid week of outperformance for healthcare; positive TREND (24.66) and TRADE.  
The XLF (Financials) underperformed, declining 2.0% to 11.53.  Despite last week's overdue correction; the TREND (9.34) and TRADE remain bullish.   

The XLE (Energy) underperformed on a relative basis, closing down 2.1% to 48.00. The dollar was up last week and the XLE found its correction; bullish TRADE and TREND (44.99). 

The XLB (Materials) outperformed the market, closing up 0.3% to 25.83; still a bull on both TREND (22.38) and TRADE. 

The XLK (Technology) was flat on the day closing at 16.80; TRADE bearish - TREND bullish.  &n...   

The XLP (Consumer Staples) underperformed on a relative basis, closing down 0.9% to 22.37.  The XLP is starting to outperform alongside the Safety Trade; bullish TRADE and TREND (21.52). 

The XLY (Consumer Discretionary) outperformed on a relative basis, closing down 0.7% to 22.13.  Last week the XLY broke down through the TRADE line (22.62); TREND remains bullish.
The XLI (Industrials) closed flat on Fridayat 21.80; the TREND (19.65) and TRADE remain bullish. 

The XLU (Utilities) significantly underperformed the market, closing down 2.4% to 25.94. On the back of the Independent power producers, the XLU saw a big meltdown Friday, closing below TREND and TRADE lines; it's the first sector to break down on both durations.