Systematic Research · US Equity Sectors

US Sector Rotation Monitor

A systematic, multi-layer leadership framework combining relative momentum, absolute trend, market internals, macro conditions and industry-level confirmation. Built as a decision-support research terminal rather than a single-factor ranking.

System Operational Data Current Value Cycle · Live Shadow

Data as of 2026-09-18 Generated 2026-09-19 00:29 UTC Version V2.12 11 sectors · 33 industry ETFs

Methodology Download Latest Data

Market regimeNeutral

Top sectorXLF · Financials

Top industryCLOU · Cloud Computing

Leadership breadthNarrow

System Status

Operational

Data Current

Current · 1d lag

Value Cycle

Value · 1.28

Risk-Managed Exposure

100% equity · 0% cash

Market Regime

Neutral

Risk appetite score: -0.24

Leadership Breadth

Narrow

2/11 sectors Leading or Improving

Top Sector

XLF

Financials · 64.8/100 · Neutral / Avoid Add

Best Rotation Candidate

XLC

Early Improvement / Watchlist · Δ21D 23.4

Top Industry

CLOU

CLOU · Cloud Computing · 92.0/100

Value Cycle Overlay

Value

Top overweight: XLE · Risk exposure 100%

Executive intelligence

Current Research Conclusions

The most decision-relevant conclusions generated from current sector scores, industry confirmation, breadth and macro context.

Current evidence · not personalized advice

Executive Readout

Financials (XLF) is the highest-ranked sector at 64.8/100. Industry confirmation is Divergence.

Communication Services shows the strongest 21-day score improvement (+23.4 points), while Industrials shows the largest deterioration (-33.7 points).

Leadership breadth is narrow: 2 of 11 sectors are Leading or Improving, and 24% of tracked industries are above the neutral threshold.

Market internals are classified as Mixed Internals, with 0/6 positive internal ratios.

The macro regime is Neutral. Duration and curve tailwinds are -1.22 and -0.97, respectively.

Key divergence: Financials has a sector score of 64.8/100, but its average industry score is 42.1/100. Internal confirmation is classified as Divergence.

Key Divergences

Sector / Industry DivergenceFinancials

Financials has a sector score of 64.8/100, but its average industry score is 42.1/100. Internal confirmation is classified as Divergence.

Sector / Industry DivergenceHealth Care

Health Care has a sector score of 60.3/100, but its average industry score is 47.6/100. Internal confirmation is classified as Divergence.

Hidden Industry StrengthCommunication Services

Communication Services is not yet a strong aggregate sector signal, but 100% of its tracked industries are improving.

Hidden Industry StrengthEnergy

Energy is not yet a strong aggregate sector signal, but 100% of its tracked industries are improving.

Strong Score / Fading MomentumFinancials

Financials remains strong at 64.8/100, but its 21-day score change is -19.5.

Strong Score / Fading MomentumHealth Care

Health Care remains strong at 60.3/100, but its 21-day score change is -11.9.

Change detection

What Changed

Six compact diagnostics summarize the most material 21-day changes. The current sector snapshot remains available as a curated download.

21D score and rank deltas

Largest Improvement

XLC · Communication Services

+23.4

21D score change · current score 54.5/100

Largest Deterioration

XLI · Industrials

-33.7

21D score change · current score 12.1/100

Largest Rank Upgrade

XLC · Communication Services

+5.0

21D rank positions

Largest Rank Downgrade

XLRE · Real Estate

-5.0

21D rank positions

Leadership Breadth

Narrow

2/11

Leading or Improving sectors

Macro Backdrop

Neutral

-0.24

Aggregate risk appetite score

Participation quality

Leadership Breadth

Measures whether current leadership is broad across sectors and industries or concentrated in a small number of themes.

Sector + industry + market internals

Leadership Breadth

Narrow

Cross-sector and industry participation behind current leadership.

Leading / Improving Sectors2/11

Industries Above Neutral24%

Industries Rising 21D27%

Confirmed Sectors0

Top-3 Concentration Spread24.1

Equal Weight vs Cap Weight 3M-2.4%

Allocation research

Investment Implications

Separates the model signal from industry confirmation, macro context, research bias and invalidation conditions.

General systematic research

XLF · Financials

Signal

Highest-ranked sector at 64.8/100.

Confirmation

Divergence

Macro Context

Macro regime: Neutral. Macro tailwind: 0.33.

Research Implication

Maintain exposure discipline: the sector remains strong, but momentum is fading.

Risk / Invalidation

A move below the Improving threshold, negative industry breadth, or continued 21-day score deterioration.

XLC · Communication Services

Signal

Early Improvement / Watchlist; 21-day score change +23.4.

Confirmation

Hidden Strength

Macro Context

Macro tailwind: -0.50.

Research Implication

Treat as a rotation candidate rather than an established leader; confirmation should precede a stronger allocation bias.

Risk / Invalidation

Failure to improve relative momentum, weakening parent-industry confirmation, or reversal of the 21-day score impulse.

Aggregate Leadership

Signal

Narrow breadth with 2 of 11 sectors Leading or Improving.

Confirmation

0 sectors have confirmed industry leadership; 0/6 internal ratios are positive.

Macro Context

Macro regime: Neutral. Internal regime: Mixed Internals.

Research Implication

Favor confirmed leadership over unconfirmed rebounds and monitor concentration risk.

Risk / Invalidation

A decline in industry participation, weakening equal-weight breadth, or a shift toward defensive market internals.

This monitor provides general, systematic and non-personalized research. It is not investment advice, a recommendation, an offer or a solicitation. Signals are derived from historical and market data, may change without notice, and should be assessed alongside independent suitability, liquidity and execution analysis.

Core research layer

Sector Core

Current sector leadership, internal confirmation and the independent Value Cycle allocation overlay. Only decision-relevant public diagnostics are retained.

11 GICS sector ETFs · V2.12 live shadow

Sector Score Ladder

Current production score, rank and 21-day change. Value Cycle remains separate and does not alter this ranking.

Sector Research Ranking

Official score enriched with momentum, RRG phase, industry confirmation and research bias.

11 rowsDownload CSV

Rank	Sector / Ticker	Score	State	21D Change	Relative 1M	Relative 3M	RRG Phase	Industry Confirmation	Macro Tailwind	Research Bias
#1	FinancialsXLF	64.8	Improving	▼ 19.5	-2.04%	-0.40%	Lagging	Divergence	0.33	Neutral / Avoid Add
#2	Health CareXLV	60.3	Improving	▼ 11.9	-2.45%	+6.30%	Lagging	Divergence	-0.27	Neutral / Avoid Add
#3	TechnologyXLK	49.0	Neutral	▼ 2.6	+3.42%	-1.11%	Leading	Mixed Confirmation	-0.50	Neutral
#4	EnergyXLE	54.3	Neutral	▼ 1.9	+0.75%	+13.45%	Weakening	Hidden Strength	-0.92	Neutral
#5	Communication ServicesXLC	54.5	Neutral	▲ 23.4	-0.01%	-0.76%	Improving	Hidden Strength	-0.50	Watchlist
#6	Consumer StaplesXLP	42.9	Weakening	▼ 5.5	-3.08%	-4.98%	Lagging		-0.38	Underweight / Avoid
#7	MaterialsXLB	33.0	Lagging	▼ 14.7	-4.76%	-5.59%	Lagging	Broad Weakness	-0.22	Underweight / Avoid
#8	Consumer DiscretionaryXLY	27.5	Lagging	▼ 15.7	-4.96%	-6.23%	Lagging	Broad Weakness	-0.27	Underweight / Avoid
#9	Real EstateXLRE	31.4	Lagging	▼ 18.2	-5.78%	-8.47%	Lagging	Broad Weakness	-0.66	Underweight / Avoid
#10	IndustrialsXLI	12.1	Lagging	▼ 33.7	-5.69%	-8.46%	Lagging	Broad Weakness	-0.31	Underweight / Avoid
#11	UtilitiesXLU	16.2	Lagging	▼ 8.9	-6.22%	-12.39%	Lagging	Broad Weakness	-0.66	Underweight / Avoid

Sector Signal vs Industry Confirmation

A breadth-aware conviction map: aggregate sector score against average internal industry score.

Industry Confirmation Table

Sector signal compared with industry breadth and divergence risk.

10 rowsDownload CSV

Sector / Ticker	Sector Score	Avg. Industry Score	Industries Rising	Industries Above Neutral	Best Industry	Confirmation	Divergence Risk
FinancialsSector	64.8	42.1	0.0%	25.0%	Insurance	Divergence	High
Health CareSector	60.3	47.6	20.0%	40.0%	Medical Devices	Divergence	High
Communication ServicesSector	54.5	78.6	100.0%	100.0%	Internet	Hidden Strength	Medium
EnergySector	54.3	45.6	100.0%	50.0%	Oil Exploration & Production	Hidden Strength	Medium
TechnologySector	49.0	49.4	50.0%	50.0%	Cloud Computing	Mixed Confirmation	Medium
MaterialsSector	33.0	35.8	33.3%	0.0%	Copper Miners	Broad Weakness	High
Real EstateSector	31.4	35.0	0.0%	0.0%	Residential REITs	Broad Weakness	High
Consumer DiscretionarySector	27.5	25.9	20.0%	0.0%	Retail	Broad Weakness	High
UtilitiesSector	16.2	19.5	0.0%	0.0%	Utilities Broad	Broad Weakness	High
IndustrialsSector	12.1	15.6	0.0%	0.0%	Transports	Broad Weakness	High

Value Cycle Allocation

Rank IC · 6M0.110

Rank IC · 12M0.099

Positive rolling 5Y windows85%

Capital statusNot approved

Current ETF Weights

Current final ETF weights, sector equal-weight base and active tilt. Weights sum to 100%.

11 rowsDownload CSV

Sector / Ticker	Current ETF Weight	Sector EW Base	Active Tilt	Cycle Rank	Cycle Signal	HML Beta
EnergyXLE	12.42%	9.09%	+3.33%	#1	1.77	1.18
Consumer StaplesXLP	11.65%	9.09%	+2.56%	#3	0.61	0.67
MaterialsXLB	10.54%	9.09%	+1.44%	#4	0.46	0.61
FinancialsXLF	10.20%	9.09%	+1.11%	#6	0.31	0.53
Real EstateXLRE	9.76%	9.09%	+0.67%	#5	0.42	0.59
UtilitiesXLU	9.65%	9.09%	+0.56%	#2	0.72	0.72
Health CareXLV	8.54%	9.09%	-0.56%	#8	-0.16	0.33
IndustrialsXLI	7.98%	9.09%	-1.11%	#7	0.00	0.40
Communication ServicesXLC	6.98%	9.09%	-2.11%	#9	-0.92	-0.02
Consumer DiscretionaryXLY	6.54%	9.09%	-2.56%	#10	-1.15	-0.13
TechnologyXLK	5.76%	9.09%	-3.33%	#11	-2.07	-0.52

Research overlay only. Final ETF weights are shown against the dynamic equal-weight sector baseline; they are not personalized portfolio recommendations.

Value Cycle Signal Intensity

The 126-session HML impulse is standardized and delayed by 42 trading sessions. Values above +1 activate a value regime; values below -1 activate a growth regime.

Value Cycle Historical Performance

The upper panel compares Current Value Cycle, the separate Risk Managed research variant, its construction benchmark and SPY. The lower panel retains the active return of the original Value Cycle allocation. Dotted history is the locked backtest; solid observations after the vertical line are live shadow.

Risk Managed Value Cycle adds a 12% volatility target and 200-session trend gate, with 10 bps of additional overlay cost. It remains research shadow and is not capital approved.

Value Cycle Risk Management

Monthly, next-close risk control applied after the Value Cycle ETF allocation is formed. Equity exposure is the lower of the 12% volatility-target exposure and the Sector EW 200-session trend exposure, with a 25% floor; residual capital is assigned to daily RF.

Risk and Return Comparison

Full-sample arithmetic daily Sharpe uses excess return over the Fama-French daily RF series and 252-session annualization.

4 rowsDownload CSV

Portfolio	CAGR	Annualized Volatility	Sharpe (Excess RF)	Maximum Drawdown	Calmar	Average Risk Exposure
Current Value Cycle	9.24%	17.86%	0.48	-51.40%	0.18	100.00%
Risk Managed Value Cycle	7.95%	11.07%	0.57	-19.43%	0.41	76.12%
Sector EW	8.96%	18.11%	0.46	-52.56%	0.17	100.00%
SPY	8.25%	19.25%	0.41	-55.20%	0.15	100.00%

Current Risk-Managed Allocation

ETF Sleeve Weight shows allocation inside the risky sleeve. Total Portfolio Weight applies the current risk exposure; the residual is allocated to Cash / RF.

12 rowsDownload CSV

Sector / Ticker	Allocation Type	ETF Sleeve Weight	Total Portfolio Weight
EnergyXLE	ETF	12.42%	12.42%
Consumer StaplesXLP	ETF	11.65%	11.65%
MaterialsXLB	ETF	10.54%	10.54%
FinancialsXLF	ETF	10.20%	10.20%
Real EstateXLRE	ETF	9.76%	9.76%
UtilitiesXLU	ETF	9.65%	9.65%
Health CareXLV	ETF	8.54%	8.54%
IndustrialsXLI	ETF	7.98%	7.98%
Communication ServicesXLC	ETF	6.98%	6.98%
Consumer DiscretionaryXLY	ETF	6.54%	6.54%
TechnologyXLK	ETF	5.76%	5.76%
Cash / RFCASH	Cash		0.00%

The ETF sleeve weights still sum to 100%. Total portfolio ETF weights equal sleeve weight multiplied by current risk exposure; the remaining allocation is Cash / RF.

Historical Drawdown

Percentage decline from each portfolio previous peak. The chart now separates the fully invested Value Cycle allocation from the Risk Managed variant, Sector EW and SPY.

In the locked 2000–2026 validation, the risk overlay reduced maximum drawdown from approximately -51.4% to -19.4%, while lowering CAGR from approximately 9.3% to 8.0%. Historical results are not a guarantee of future risk control.

Sector Momentum Map

Current score level versus its 21-day change. Full labels are reserved for leaders, extreme laggards and the largest movers; every observation remains available in hover.

Sector Change Log

Current versus prior rank, score and state.

11 rowsDownload CSV

Sector / Ticker	Current Rank	Previous Rank	Rank Change	Current Score	5D Change	21D Change	Previous State	Current State
Communication ServicesXLC	#5	#10	▲ 5.0	54.5	▲ 8.3	▲ 23.4	Weakening	Neutral
EnergyXLE	#4	#3	▼ 1.0	54.3	▼ 4.8	▼ 1.9	Neutral	Neutral
TechnologyXLK	#3	#7	▲ 4.0	49.0	▲ 0.6	▼ 2.6	Neutral	Neutral
Consumer StaplesXLP	#6	#5	▼ 1.0	42.9	▼ 0.3	▼ 5.5	Neutral	Weakening
UtilitiesXLU	#11	#11	— 0.0	16.2	▼ 7.9	▼ 8.9	Lagging	Lagging
Health CareXLV	#2	#2	— 0.0	60.3	▲ 1.6	▼ 11.9	Leading	Improving
MaterialsXLB	#7	#6	▼ 1.0	33.0	▼ 6.5	▼ 14.7	Neutral	Lagging
Consumer DiscretionaryXLY	#8	#8	— 0.0	27.5	▼ 3.5	▼ 15.7	Neutral	Lagging
Real EstateXLRE	#9	#4	▼ 5.0	31.4	▼ 4.2	▼ 18.2	Neutral	Lagging
FinancialsXLF	#1	#1	— 0.0	64.8	▼ 11.0	▼ 19.5	Leading	Improving
IndustrialsXLI	#10	#9	▼ 1.0	12.1	▼ 6.4	▼ 33.7	Neutral	Lagging

Current RRG — relative phase vs SPY

Marker shapes differentiate established signals, neutral/watchlist observations and weakening or lagging sectors. The current top-ranked sector receives a halo.

RRG Diagnostic Table

Current phase, one-week and four-week trajectory and concise interpretation.

11 rowsDownload CSV

Rank	Sector / Ticker	RRG Phase	RS Level	RS Momentum	1W Direction	4W Direction	Interpretation
#1	FinancialsXLF	Lagging	-1.31	-0.38	↙ Southwest	↙ Southwest	Lagging with no confirmed recovery
#2	Health CareXLV	Lagging	-0.26	-0.66	↘ Southeast	↙ Southwest	Lagging with no confirmed recovery
#3	TechnologyXLK	Leading	1.99	0.47	↗ Northeast	↗ Northeast	Neutral / watchlist
#4	EnergyXLE	Weakening	1.59	-0.15	↙ Southwest	↘ Southeast	Weakening after strong relative performance
#5	Communication ServicesXLC	Improving	-2.22	0.55	↙ Southwest	↘ Southeast	Improving toward leadership
#6	Consumer StaplesXLP	Lagging	-1.57	-0.57	↙ Southwest	↙ Southwest	Lagging with no confirmed recovery
#7	MaterialsXLB	Lagging	-1.47	-1.02	↙ Southwest	↙ Southwest	Lagging with no confirmed recovery
#8	Consumer DiscretionaryXLY	Lagging	-2.59	-1.49	↙ Southwest	↙ Southwest	Lagging with no confirmed recovery
#9	Real EstateXLRE	Lagging	-1.82	-1.62	↙ Southwest	↙ Southwest	Lagging with no confirmed recovery
#10	IndustrialsXLI	Lagging	-1.74	-1.47	↖ Northwest	↙ Southwest	Lagging with no confirmed recovery
#11	UtilitiesXLU	Lagging	-2.99	-0.95	↙ Southwest	↖ Northwest	Lagging with no confirmed recovery

Sector Performance Term Structure

Absolute and relative performance across 1M, 3M, 6M, 12M and 18M. Current Top-5 scores are highlighted; the remaining universe supplies context.

Leadership Score History

Current Top 5 sectors with clear end labels, plus the full-universe median and interquartile range.

Internal confirmation layer

Industry Drilldown

Industry ETFs are evaluated against SPY and their parent sector to distinguish broad confirmation, hidden strength, narrow leadership and internal divergence.

33 industry ETFs · institutional scorecards

Sector vs Industry Confirmation Summary

Industry Confirmation Table

Sector signal compared with industry breadth and divergence risk.

10 rowsDownload CSV

Sector / Ticker	Sector Score	Avg. Industry Score	Industries Rising	Industries Above Neutral	Best Industry	Confirmation	Divergence Risk
FinancialsSector	64.8	42.1	0.0%	25.0%	Insurance	Divergence	High
Health CareSector	60.3	47.6	20.0%	40.0%	Medical Devices	Divergence	High
Communication ServicesSector	54.5	78.6	100.0%	100.0%	Internet	Hidden Strength	Medium
EnergySector	54.3	45.6	100.0%	50.0%	Oil Exploration & Production	Hidden Strength	Medium
TechnologySector	49.0	49.4	50.0%	50.0%	Cloud Computing	Mixed Confirmation	Medium
MaterialsSector	33.0	35.8	33.3%	0.0%	Copper Miners	Broad Weakness	High
Real EstateSector	31.4	35.0	0.0%	0.0%	Residential REITs	Broad Weakness	High
Consumer DiscretionarySector	27.5	25.9	20.0%	0.0%	Retail	Broad Weakness	High
UtilitiesSector	16.2	19.5	0.0%	0.0%	Utilities Broad	Broad Weakness	High
IndustrialsSector	12.1	15.6	0.0%	0.0%	Transports	Broad Weakness	High

Industry Leaders & Laggards

Top and bottom industries are separated into independent dot dashboards. The table adds parent confirmation and research bias.

Industry Research Ranking

Industry score, relative performance and parent-sector confirmation.

33 rowsDownload CSV

Rank	Sector / Ticker	Score	State	21D Change	Rel. SPY 3M	Rel. Parent 3M	Parent Confirmation	Research Bias
#1	Cloud ComputingCLOU · Technology	92.0	Leading	▼ 7.9	+21.76%	+22.88%	Mixed Confirmation	Industry Overweight Candidate
#2	SoftwareIGV · Technology	91.4	Leading	▲ 2.2	+13.81%	+14.92%	Mixed Confirmation	Industry Overweight Candidate
#3	CybersecurityHACK · Technology	83.7	Leading	▲ 0.7	+17.23%	+18.35%	Mixed Confirmation	Industry Overweight Candidate
#4	InternetFDN · Communication Services	78.6	Leading	▲ 1.0	+6.87%	+7.63%	Hidden Strength	Industry Overweight Candidate
#5	Oil Exploration & ProductionXOP · Energy	67.9	Improving	▲ 11.3	+16.65%	+4.03%	Hidden Strength	Add / Watch Industry
#6	InsuranceKIE · Financials	63.6	Neutral	▼ 1.5	-0.17%	+0.22%	Divergence	Add / Watch Industry
#7	Medical DevicesIHI · Health Care	61.0	Improving	▼ 24.0	+1.40%	-4.71%	Divergence	Hold / Monitor
#8	Biotech Large CapIBB · Health Care	58.0	Neutral	▼ 18.8	+9.85%	+3.74%	Divergence	Add / Watch Industry
#9	Healthcare ProvidersIHF · Health Care	56.1	Neutral	▲ 0.2	+1.53%	-4.59%	Divergence	Watchlist / Tactical
#10	Residential REITsREZ · Real Estate	48.2	Weakening	▼ 2.8	-5.61%	+3.24%	Broad Weakness	Neutral
#11	Copper MinersCOPX · Materials	38.7	Neutral	▼ 1.5	+5.69%	+11.45%	Broad Weakness	Neutral
#12	PharmaPPH · Health Care	37.1	Weakening	▼ 5.9	+1.97%	-4.14%	Divergence	Avoid / Underweight Industry
#13	UraniumURA · Materials	35.3	Weakening	▲ 0.1	-13.02%	-7.27%	Broad Weakness	Watchlist / Tactical
#14	Regional BanksKRE · Financials	35.0	Weakening	▼ 13.3	-4.52%	-4.12%	Divergence	Avoid / Underweight Industry
#15	BanksKBE · Financials	35.0	Lagging	▼ 15.5	-4.34%	-3.94%	Divergence	Avoid / Underweight Industry
#16	Capital MarketsIAI · Financials	34.9	Weakening	▼ 10.6	-4.10%	-3.70%	Divergence	Avoid / Underweight Industry
#17	RetailXRT · Consumer Discretionary	34.8	Lagging	▼ 26.4	-8.48%	-2.04%	Broad Weakness	Avoid / Underweight Industry
#18	REITsVNQ · Real Estate	34.4	Lagging	▼ 15.4	-8.32%	+0.53%	Broad Weakness	Neutral
#19	HomebuildersITB · Consumer Discretionary	33.7	Weakening	▼ 27.0	-13.92%	-7.48%	Broad Weakness	Avoid / Underweight Industry
#20	Metals & MiningXME · Materials	33.4	Weakening	▼ 6.2	-6.03%	-0.28%	Broad Weakness	Avoid / Underweight Industry
#21	TransportsIYT · Industrials	27.6	Lagging	▼ 15.9	-8.25%	+0.59%	Broad Weakness	Neutral
#22	Biotech Equal WeightXBI · Health Care	25.8	Lagging	▼ 31.0	+2.37%	-3.74%	Divergence	Avoid / Underweight Industry
#23	Homebuilders BroadXHB · Consumer Discretionary	24.2	Lagging	▼ 33.3	-15.57%	-9.13%	Broad Weakness	Avoid / Underweight Industry
#24	Oil ServicesOIH · Energy	23.4	Lagging	▲ 0.2	-0.38%	-13.00%	Hidden Strength	Watchlist / Tactical
#25	Real Estate BroadICF · Real Estate	22.4	Lagging	▼ 10.2	-9.46%	-0.61%	Broad Weakness	Avoid / Underweight Industry
#26	Leisure & EntertainmentPEJ · Consumer Discretionary	21.3	Lagging	▼ 63.7	-9.23%	-2.79%	Broad Weakness	Avoid / Underweight Industry
#27	Utilities BroadUTES · Utilities	19.5	Lagging	▼ 6.7	-18.01%	-4.78%	Broad Weakness	Avoid / Underweight Industry
#28	Semiconductors Equal WeightXSD · Technology	16.6	Lagging	▲ 2.3	-21.52%	-20.41%	Mixed Confirmation	Watchlist / Tactical
#29	AutosCARZ · Consumer Discretionary	15.6	Lagging	▲ 7.3	-10.62%	-4.18%	Broad Weakness	Watchlist / Tactical
#30	Aerospace & DefenseITA · Industrials	13.6	Lagging	▼ 42.2	-13.72%	-4.88%	Broad Weakness	Avoid / Underweight Industry
#31	Semiconductors BroadSOXX · Technology	7.2	Lagging	▼ 10.2	-16.33%	-15.22%	Mixed Confirmation	Avoid / Underweight Industry
#32	SemiconductorsSMH · Technology	5.7	Lagging	▼ 4.7	-12.22%	-11.11%	Mixed Confirmation	Avoid / Underweight Industry
#33	Aerospace & Defense Equal WeightXAR · Industrials	5.6	Lagging	▼ 39.0	-17.80%	-8.96%	Broad Weakness	Avoid / Underweight Industry

Industry Confirmation Scorecard

Dot-matrix view of sector score, average industry score, breadth, improvement and parent-relative confirmation.

Industry Momentum Map

Score level versus 21-day change, retaining selective labels for the most relevant leaders, laggards and movers.

Full Industry Rotation Table

Open complete institutional industry table

Industry Research Ranking

Industry score, relative performance and parent-sector confirmation.

33 rowsDownload CSV

Rank	Sector / Ticker	Score	State	21D Change	Rel. SPY 3M	Rel. Parent 3M	Parent Confirmation	Research Bias
#1	Cloud ComputingCLOU · Technology	92.0	Leading	▼ 7.9	+21.76%	+22.88%	Mixed Confirmation	Industry Overweight Candidate
#2	SoftwareIGV · Technology	91.4	Leading	▲ 2.2	+13.81%	+14.92%	Mixed Confirmation	Industry Overweight Candidate
#3	CybersecurityHACK · Technology	83.7	Leading	▲ 0.7	+17.23%	+18.35%	Mixed Confirmation	Industry Overweight Candidate
#4	InternetFDN · Communication Services	78.6	Leading	▲ 1.0	+6.87%	+7.63%	Hidden Strength	Industry Overweight Candidate
#5	Oil Exploration & ProductionXOP · Energy	67.9	Improving	▲ 11.3	+16.65%	+4.03%	Hidden Strength	Add / Watch Industry
#6	InsuranceKIE · Financials	63.6	Neutral	▼ 1.5	-0.17%	+0.22%	Divergence	Add / Watch Industry
#7	Medical DevicesIHI · Health Care	61.0	Improving	▼ 24.0	+1.40%	-4.71%	Divergence	Hold / Monitor
#8	Biotech Large CapIBB · Health Care	58.0	Neutral	▼ 18.8	+9.85%	+3.74%	Divergence	Add / Watch Industry
#9	Healthcare ProvidersIHF · Health Care	56.1	Neutral	▲ 0.2	+1.53%	-4.59%	Divergence	Watchlist / Tactical
#10	Residential REITsREZ · Real Estate	48.2	Weakening	▼ 2.8	-5.61%	+3.24%	Broad Weakness	Neutral
#11	Copper MinersCOPX · Materials	38.7	Neutral	▼ 1.5	+5.69%	+11.45%	Broad Weakness	Neutral
#12	PharmaPPH · Health Care	37.1	Weakening	▼ 5.9	+1.97%	-4.14%	Divergence	Avoid / Underweight Industry
#13	UraniumURA · Materials	35.3	Weakening	▲ 0.1	-13.02%	-7.27%	Broad Weakness	Watchlist / Tactical
#14	Regional BanksKRE · Financials	35.0	Weakening	▼ 13.3	-4.52%	-4.12%	Divergence	Avoid / Underweight Industry
#15	BanksKBE · Financials	35.0	Lagging	▼ 15.5	-4.34%	-3.94%	Divergence	Avoid / Underweight Industry
#16	Capital MarketsIAI · Financials	34.9	Weakening	▼ 10.6	-4.10%	-3.70%	Divergence	Avoid / Underweight Industry
#17	RetailXRT · Consumer Discretionary	34.8	Lagging	▼ 26.4	-8.48%	-2.04%	Broad Weakness	Avoid / Underweight Industry
#18	REITsVNQ · Real Estate	34.4	Lagging	▼ 15.4	-8.32%	+0.53%	Broad Weakness	Neutral
#19	HomebuildersITB · Consumer Discretionary	33.7	Weakening	▼ 27.0	-13.92%	-7.48%	Broad Weakness	Avoid / Underweight Industry
#20	Metals & MiningXME · Materials	33.4	Weakening	▼ 6.2	-6.03%	-0.28%	Broad Weakness	Avoid / Underweight Industry
#21	TransportsIYT · Industrials	27.6	Lagging	▼ 15.9	-8.25%	+0.59%	Broad Weakness	Neutral
#22	Biotech Equal WeightXBI · Health Care	25.8	Lagging	▼ 31.0	+2.37%	-3.74%	Divergence	Avoid / Underweight Industry
#23	Homebuilders BroadXHB · Consumer Discretionary	24.2	Lagging	▼ 33.3	-15.57%	-9.13%	Broad Weakness	Avoid / Underweight Industry
#24	Oil ServicesOIH · Energy	23.4	Lagging	▲ 0.2	-0.38%	-13.00%	Hidden Strength	Watchlist / Tactical
#25	Real Estate BroadICF · Real Estate	22.4	Lagging	▼ 10.2	-9.46%	-0.61%	Broad Weakness	Avoid / Underweight Industry
#26	Leisure & EntertainmentPEJ · Consumer Discretionary	21.3	Lagging	▼ 63.7	-9.23%	-2.79%	Broad Weakness	Avoid / Underweight Industry
#27	Utilities BroadUTES · Utilities	19.5	Lagging	▼ 6.7	-18.01%	-4.78%	Broad Weakness	Avoid / Underweight Industry
#28	Semiconductors Equal WeightXSD · Technology	16.6	Lagging	▲ 2.3	-21.52%	-20.41%	Mixed Confirmation	Watchlist / Tactical
#29	AutosCARZ · Consumer Discretionary	15.6	Lagging	▲ 7.3	-10.62%	-4.18%	Broad Weakness	Watchlist / Tactical
#30	Aerospace & DefenseITA · Industrials	13.6	Lagging	▼ 42.2	-13.72%	-4.88%	Broad Weakness	Avoid / Underweight Industry
#31	Semiconductors BroadSOXX · Technology	7.2	Lagging	▼ 10.2	-16.33%	-15.22%	Mixed Confirmation	Avoid / Underweight Industry
#32	SemiconductorsSMH · Technology	5.7	Lagging	▼ 4.7	-12.22%	-11.11%	Mixed Confirmation	Avoid / Underweight Industry
#33	Aerospace & Defense Equal WeightXAR · Industrials	5.6	Lagging	▼ 39.0	-17.80%	-8.96%	Broad Weakness	Avoid / Underweight Industry

Confirmation and context

Macro & Market Internals

A compact context layer for current macro conditions, cross-asset confirmation and the history of the principal regime blocks.

FRED + market ratios · curated context

Macro Conditions

Macro Conditions Table

Current favorability, one-month direction and sector implication.

7 rowsDownload CSV

Macro Block	Current Score	Condition	1M Direction	Sector Implication	Data Date
Risk Appetite	-0.24	Neutral	Deteriorating	Broad risk-taking confirmation	2026-09-18
Credit Stress	0.09	Neutral	Deteriorating	Credit quality and cyclicality	2026-09-18
VIX Stress	0.29	Neutral	Stable	Volatility regime and defensive demand	2026-09-18
Duration Tailwind	-1.22	Unfavorable	Deteriorating	Rate-sensitive and long-duration sectors	2026-09-18
Curve Tailwind	-0.97	Unfavorable	Deteriorating	Financials and cyclical activity	2026-09-18
Oil Tailwind	-1.64	Unfavorable	Deteriorating	Energy-sector macro impulse	2026-09-18
USD Weakness Tailwind	0.84	Favorable	Improving	International revenue and commodities	2026-09-18

Market Internals Pulse

1M, 3M and 6M term structure distinguishes persistent confirmation from a short-lived move.

Market Internals Table

Term structure and interpretation of the four key confirmation ratios.

4 rowsDownload CSV

Ratio	Description	1M	3M	6M	Signal	Breadth Block
SMH/SPY	Semiconductors vs S&P 500	+1.71%	-11.50%	+26.79%	Early Improvement	Growth leadership
QQQ/SPY	Nasdaq 100 vs S&P 500	+1.35%	-2.88%	+6.07%	Early Improvement	Growth leadership
RSP/SPY	Equal Weight vs Cap Weight	-3.75%	-2.37%	-6.02%	Defensive	Breadth
SPHB/SPLV	High Beta vs Low Vol	+4.80%	-0.16%	+26.26%	Early Improvement	Risk appetite

Macro Regime Dashboard

Risk conditions and asset tailwinds are separated into two synchronized panels.