The current market continues to strongly favor certain sectors over the others. According to the recent comparative performance, the following four sectors continue to show relative strength: 1) finance, 2) retail, 3) energy and 4) consumer discretionary. On the other hand, the biotech sector is a clear laggard, which has been under continuous distribution as of late.

While the S&P500 futures have been consolidating in a tight range between the 4100 and 4200 levels for the last 20 trading sessions (see ES chart below), the S&P500 Advance-Decline line has been consistently making new all time highs.

Technology and other growth stocks stumbled Tuesday, coming under pressure after a run that has pushed major indexes to repeated records.

Investors piled into shares of economically sensitive companies and pulled back from technology stocks Monday, leading to a divergence in major indexes.

U.S. stocks edged lower Friday but remained on track for monthly gains after a streak of strong earnings.