Everyone Is Watching Tech. The Rotation Is Happening ElsewhereS&P 500SP_DLY:SPXTradeSentinelNotesThe absolute market still looks healthy. SPY, RSP and most sectors remain in constructive primary trends. But the relative table has changed. 1️⃣ Where is capital actually flowing? The standout is Healthcare. XLV/SPY is now bullish across virtually every relevant horizon, with multiple improvement signals. Energy remains strong. Software remains strong. And perhaps most importantly: RSP/SPY and QQQE/SPY are improving. Equal-weight participation is strengthening while cap-weighted QQQ and Semiconductors have lost short-term relative momentum. One line on breadth: The market isn't narrowing — leadership is broadening away from the most obvious winners. 2️⃣ What matters Watch: XLV + XLE + IGV + RSP/QQQE These are where relative-strength evidence is strongest. Small caps remain the next potential confirmation if IWM/RUT can reclaim their 50-day relative trends. 3️⃣ What is mostly noise Technology being down for a few sessions does not mean the Tech trend is broken. XLK remains structurally healthy. The important signal is that other groups are currently beating it for capital. And Semiconductors are materially weaker than Software. 4️⃣ TradeSentinel Takeaway This is not “sell Tech and buy defensives.” Utilities are still among the weakest groups in the entire table. The better interpretation is: Leadership is broadening from mega-cap/semiconductor concentration toward Healthcare, Energy, Software and equal-weight participation. Lean into: XLV, XLE, IGV Broadening confirmation: RSP, QQQE Watch next: IWM/RUT, XLF, XLY Needs repair: XLK relative momentum, SOXX Avoid: XLI, XLRE, XLU The signal most traders may miss: QQQE/SPY is cleaner than QQQ/SPY. Absolute Trend View: Best established momentum: Energy → Healthcare → Technology Best new leadership: Healthcare → Basic Materials → Financials Best pullback/re-entry candidate: Technology Best early inflection: Consumer Cyclical Weakest groups: Utilities → Consumer Defensive → Communication Services