The stock market is under consistent selling pressure making progress difficult

The DOW and the S&P are both weaker than the Nasdaq Composite. The Nasdaq Composite started moving sideways since its April 27 high; the other two indexes have been under the March 3 high. Nevertheless, they are all struggling to move higher.

My chart dividing the cyclicals by the consumer staples shows the defensive consumer staples much more powerful than the cyclicals. The “price” of this chart is well underneath its recent highs. This is a big divergence with the stock market indexes that are just a little under their recent highs. The individual sector table shows widespread losses that mirror what the chart above is reporting; the Cyclicals Group has losses in seven of its eleven sectors. The Technology Group is the strongest of the four groups. Semiconductors, Computer Software and Electronics all sported excellent gains. Other sectors that were good gainers include Leisure, Machines, Healthcare and Food / Beverage.

Here’s the relative strength chart of the Semiconductor Sectorsemiconductors

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