Tech dropping off as other sectors mean revert and play catch up. However, tech lingering near the middle ranks is not likely, expect a return to the top. Consumer discretionary at the top spot is another risk-on indicator in play. It is clear how many market participants are now positioned.

Market: XLU (Utilities ETF)

Reason for observation: Weekly bear flag trigger

Short-term bias: Bearish

Long-term bias: Bearish

However messy, this weekly bear flag in utes is rolling over to the downside.

Market: XLY (Consumer Discretionary ETF)

Reason for observation: New all time highs

Short-term bias: Bullish

Long-term bias: Bullish

New highs for XLY, sliding along the bands to the upside.

Top 3 sectors with outperformance over the general market.