What is going on with the small-cap A.I. trade? Marginal move to defense as Utes look to break higher and Industrials remains under relative distribution. Health Care and Energy are top dogs. Tech relative momentum is flagging as Comm Eq remains under relative distribution and Electronic Equipment is faltering. Software remains positive while Semis haven’t broken down – what is going on with the A.I. trade? Consumer Discretionary retrenched as energy prices rose. Staples remain in the red zone but seeing improved relative mo.