markets PM market analysis

Technology lost momentum this week as major US equity benchmarks swung through a volatile stretch, with the Nasdaq and S&P 500 under the most pressure while the Dow held up better. The weakness tracked a wider rotation away from growth-led leadership.

Energy has moved into the leading sector position and was upgraded to an overweight view in this week’s sector-rotation assessment, with Health Care and Consumer Staples also improving. The shift points to a defensive tilt among investors rather than a move into cyclical risk.

Sentiment and liquidity dashboards continue to frame the backdrop through measures of fear, greed, and liquidity pressure, offering a way to judge whether the rotation stabilises or extends into other defensive areas. The S&P 500 remains the broad reference point for how the overall market is absorbing the shift.

Worth Tracking

Technology selling pressureFurther weakness would signal a lasting leadership change rather than a short reset.

Energy and defensive follow-throughContinued strength in Energy, Health Care, and Consumer Staples would confirm the rotation.

Sentiment and liquidity readingsA deterioration in fear or liquidity measures could add to benchmark volatility.