by Bespoke Investment Group
After a rough start to May where the S&P 500 declined in each of the first four trading days of the month, equities are back in rally mode. As of today's close, the S&P 500 is trading back at overbought levels, and only three sectors are not trading above their normal trading ranges. The sectors that are not participating, however, are noteworthy. While we have all come to expect Financials to underperform, the recent underperformance of Energy and Materials, which had been among the market's leaders, is indicative of the shift taking place in market leadership.
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