Sector rotation. Energy, Health Care and Tech lead in a “not cyclical but not defensive” sector rotation grid. Materials and Industrials exhibit increased relative distribution risk as the market discounts increased recession risk. Consumer Discretionary remains distinctly out-of-favor with no sense that is changing. Higher dividend yielding/defensive sectors are showing near-term relative momentum but are not rivaling existing sector leadership as of yet. While some defensive industries like Gas and Multi-Utes are high in the grid most defensive Staples are not.