As shown in the six-month chart of the S&P 500 below, the index has basically traded sideways since it broke to new highs in early July. Since closing at new highs on July 8th, the S&P 500 is up just 50 basis points. So far, support levels have held, but it’s been a sideways market.
While the broad market has been sideways, we’ve seen big performance disparities among the eleven S&P 500 sectors. We’ve been highlighting this quite a bit for clients over the last couple of months, but we wanted to point it out to our Think B.I.G. readers as well. As shown below, Technology, Financials and Energy are the only sectors that are up, and Technology is up nearly 10%. On the downside, Utilities, Telecom, Real Estate, and Consumer Staples are all off more than 5%.