{"id":67556,"date":"2026-06-29T08:56:19","date_gmt":"2026-06-29T06:56:19","guid":{"rendered":"https:\/\/www.captrader.com\/?post_type=analyse&p=67556"},"modified":"2026-06-29T08:56:21","modified_gmt":"2026-06-29T06:56:21","slug":"defensive-sector-rotation-weighs-on-sp-500","status":"publish","type":"analyse","link":"https:\/\/www.captrader.com\/en\/analyse\/defensive-sektoren-rotation-belastet-sp-500\/","title":{"rendered":"Defensive sector rotation weighs on S&P 500"},"content":{"rendered":"

Dear traders, dear stock market friends.<\/p>\n\n\n\n

The S&P; 500 continued its correction last trading week, losing about 2 %. The decline was even more pronounced for the technology-heavy Nasdaq 100, which fell 4.2 % for the week. <\/p>\n\n\n\n

This marked a continuation of the weakness in major technology and AI stocks. At the same time, however, the week was by no means a classic \u201crisk-off\u201d sell-off. While Big Tech and semiconductors came under significant pressure, other market sectors managed to gain ground. The Dow Jones ended the week up 0.6 %im Plus, while the Russell 2000 actually gained 1.4 %. This shows that it was more a rotation within the stock market than a flight from stocks. Even though the S&P 500 appears to be struggling at the index level at first glance, the picture beneath the surface remains optimistic.<\/p>\n\n\n\n

Rotation out of big tech continues<\/h2>\n\n\n\n

Last week, the most significant drag once again came from weakness in big tech and AI stocks. Many of these companies had been a major driver of the market's upward momentum in recent months. Expectations were correspondingly high, and valuations were sometimes equally ambitious.<\/p>\n\n\n\n

Investors are now taking profits from these exact market leaders. Semiconductor stocks, software titles, and other companies heavily associated with artificial intelligence were particularly affected. The question that continues to occupy the market is: How quickly can the massive investments in AI infrastructure actually be translated into sustainable profits?<\/p>\n\n\n\n

It is also striking that it was not only the technology sector that was weak. Other offensive sectors of the S&P 500 such as Consumer Discretionary and Communication Services also came under pressure. This suggests that investors were less willing to take risks in high-growth, cyclical market areas in the short term.<\/p>\n\n\n\n

On the other hand, more defensive or sectors that have performed less strongly so far were on the winning side. Healthcare, Utilities, Real Estate, and partially Industrials developed significantly better. This continues a defensive sector rotation: capital is flowing out of the previous winners into areas that are either more favorably valued, offer more stable cash flows, or benefit from a broader market rotation.<\/p>\n\n\n\n

S&P 500 Equal Weighted Index at All-Time High<\/h2>\n\n\n\n

That not everything is bad at the moment is shown by a look at the S&P 500 Equal Weighted Index. This index weights all 500 stocks in the S&P 500 equally. Apple, Microsoft, Nvidia, or Amazon therefore have no more influence in it than a significantly smaller company from the industrial, healthcare, or real estate sector.<\/p>\n\n\n\n

And here, the picture is much more positive: The S&P; 500 Equal Weighted Index ended the week at a new all-time high, even though the \u201cclassic\u201d S&P; 500 lost about 2 % during the same period. The average stock thus outperformed the overall index.<\/p>\n\n\n\n

\"\"
S&P 500 Equal Weighted Index daily chart<\/figcaption><\/figure>\n\n\n\n

The weakness therefore focused primarily on the large index heavyweights. Many other stocks, on the other hand, developed stably or even positively.<\/p>\n\n\n\n

Market breadth indicators are generating bullish signals\u00a0<\/h2>\n\n\n\n

A look at other key market breadth indicators confirms this picture: Beneath the surface, the market is significantly stronger than it appears at first glance based on index performance. The number of stocks in the S&P 500 trading above the 200-day SMA rose to 65 % last week. That is the highest level since early March. <\/p>\n\n\n\n

\"\"
Top: S&P 500 Index. Bottom: Percentage of stocks above SMA 200 on the NYSE and in the S&P 500.<\/figcaption><\/figure>\n\n\n\n

The number of stocks advancing to a new 52-week high also continued to increase last week. Likewise, the advance-decline line provided a bullish signal, rising to a new high.<\/p>\n\n\n\n

\"\"
Advance-Decline-Line Tageschart<\/figcaption><\/figure>\n\n\n\n

Conclusion: Market Breadth vs. Sector Rotation - Conflicting Signals<\/h2>\n\n\n\n

Bullish signals in market breadth indicators such as the Advance-Decline Line historically have a very high hit rate or predictive power, and actually suggest that the index should follow the often leading market breadth indicators. Likewise, however, a defensive sector rotation, as we saw last week, is considered a clear warning sign. <\/p>\n\n\n\n

Since the rally in recent months has been largely driven by AI and semiconductor stocks, and significant gains have been made in some of these, a correction in these particular stocks is not surprising at this point and could even be seen as a healthy signal for the broader market. As long as there isn't a truly massive sell-off and risk aversion doesn't further increase and spill over to the broad market, the chances for a continuation of the primary upward trend in the medium term remain good.<\/p>\n\n\n\n

Author: Tobias Schmid<\/a>
Date: 06\/29\/2026<\/p>","protected":false},"excerpt":{"rendered":"

Liebe Trader, liebe B\u00f6rsenfreunde. Der S&P 500 setzte in der vergangenen Handelswoche seine Korrektur fort und verlor rund 2 %. Noch deutlicher fiel der R\u00fcckgang beim technologielastigen Nasdaq 100 aus, der auf Wochensicht 4,2 % abgab.  Damit setzte sich die Schw\u00e4che bei den gro\u00dfen Technologie- und KI-Aktien fort. Gleichzeitig war die Woche aber keineswegs ein […]<\/p>\n","protected":false},"author":44,"featured_media":67560,"template":"","analysen-kategorie":[849,860],"class_list":["post-67556","analyse","type-analyse","status-publish","has-post-thumbnail","hentry","analysen-kategorie-index","analysen-kategorie-sp-500-2"],"acf":{"blog_summary":"","blog_faq_schalter":"nein","faq_uberschrift":"","blog_faq_loop":null},"_links":{"self":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse\/67556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analyse"}],"about":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/types\/analyse"}],"author":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/users\/44"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media\/67560"}],"wp:attachment":[{"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/media?parent=67556"}],"wp:term":[{"taxonomy":"analysen-kategorie","embeddable":true,"href":"https:\/\/www.captrader.com\/en\/wp-json\/wp\/v2\/analysen-kategorie?post=67556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}