New US tariffs against Chinese imports took effect at midnight and the rest of the world pretty much yawned.  Chinese stocks rallied more than 3% for their best day in a month, and European equities are all in the green.  US futures, however, haven’t followed the global rally.  They are now actually near their lows of the day, taking another leg lower after April CPI just missed expectations by a tenth of one percent on both the headline and core measures.

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As markets have faltered a bit in the last several days, one sector that has given up its leadership status is Technology.  As highlighted in our Sector Snapshot report last night, just 52% of stocks in the sector are currently trading above their 50-day moving average, which is only slightly better than the 50% reading for the S&P 500.  So, where have Tech sellers been going in place of Technology? One sector that has benefitted is Health Care.  As shown below, just as the Technology sector’s relative strength topped out in the last several days, Health Care has seen a big improvement.

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