Tech and growth sectors continue to struggle, giving way to new leadership from utilities, Treasuries and even dividend stocks. Cyclicals have done well lately, but Deutsche Welle's suspicious financial activity report threatens to sink the rally for bank stocks.

Defensive issues have started to outperform lately as investors rotate out of mega-caps and growth stocks. Cyclicals have begun showing signs of life, while tech looks poised to rebound following its sharp correction.

The tech and consumer discretionary sectors remain the firm leaders, while cyclicals are showing improvement. Treasuries remain volatile in the current market and international stocks continue to underperform.