1.) Utilities were the top performing sector last week according to Finviz. Also -- notice the big spike in volume in the utilities ETF:
2.) Health care was the fourth best performing sector last week according to the same link. However, look at the volume spike in the health care ETF:
Now consider the following technical indicator points
The current move higher on the SPYs was not accompanied by an increase in the MACD or
the RSI
With the QQQQs
The latest rally did not translate into a higher MACD reading
The IWMs have the same issue -- a lower MACD reading on the current rally
For me, the big indicator is the move into utilities and health care. Those are defensive moves and the volume spikes are very large.
