Take a look at the rotation change over the past week or so. Apparently, the weakest sectors are coming up and the strongest are starting to roll over. This is a classic move into month/quarter end. Unless something changes drastically, we would expect that the trend back to the defensive names could continue into the late summer.

First, here are today’s S&P 500 sectors:

Next, the rolling 12-weeks sector leadership is illustrated. Notice the change most recently as the information technology sector has begun to regain some momentum…

(Click to enlarge)