It looks like tech’s turn at the head of the line may be coming to an end. Discretionary stocks have broken out in a big way over the past several weeks and, so far at least, it looks like they’re standing up to the Fed’s recent commentary. No sector is benefiting from the Fed’s somewhat hawkish stance on policy quite like the energy sector.

Real estate has ticked up once more and so far the “higher highs, higher lows” trend is tenuously hanging on. Global energy demand forecasts have generally looked positive and it looks like COVID infection rates are coming back down again. Treasury yields have been struggling to break out of their current range, but they are definitely gaining favor once again relative to stocks.

Even though economists have largely been downgrading their forecasts, investors haven't been abandoning risk just yet. Utilities are kind of bouncing around here, but the uptrend that’s been in place since the beginning of July is still hanging on. The trading range on long-term Treasury yields looks like it’s consolidating here. The strength we’ve seen in emerging markets is finally carrying over to non-U.S. developed markets.