The stock market has resistance above it and support below it

The DOW is weaker than the S&P and the Nasdaq Composite. The S&P and Nasdaq have had a series of higher lows but both are below resistance preventing a move over their previous highs. All three stock indexes are moving sideways; the S&P and DOW since February and the Nasdaq since April. Just as there is resistance above the the stock market there is support below it preventing further drops.

My chart dividing the cyclicals by the consumer staples shows the cyclicals in a bearish trend since May. In other words, the defensive consumer staples are more powerful. The biggest weakness in my stock sectors table is in the Technology Group that lost 1.13% (the next weakest group, Cyclicals, gained 0.29%). There are a few areas of strength: the Building, Leisure and Apparel sectors. The strength in the Utilities Sector is commensurate with the defensive nature of the market; but it has sunk in the last few days. Also notable is the retail sector that has been gradually improving its stance versus the overall market since early June.

Below is the relative strength graph of the Building Sector:building

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