You can clearly see that Energy has been the leader, and is in fact the only reason why ES isn't below 3600 right now.
Consumer discretionary has taken quite a beating all year, likely due to higher input costs. Worth noting is that consumer staples appears to now be joining consumer discretionary in this downtrend.
Utilities are behaving as the sector should be expected to behave during a bear market.
Rallies in ES all year have been hollow, with falling volume and open interest on the way up, and increasing volume and open interest on the way down.
I expect these trends to continue into the summer.
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