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Mean reversion strikes as worst performing sectors today are the best over 1, 3 mth

1 hour remaining- Couple things worth mentioning-  The worst performing sectors today have been the best performing sectors over the last 1 and 3 month periods.   Energy, Materials, Healthcare Financials and Industrials.   so just a bit of mean reversion, but S&P has held up near last Friday and early lows from today in fairly impressive manner after initially looking like a larger selloff might occur- NDX with barely any weakness today but we are seeing both Small Cap and Transports weakness which is important to note-  Bonds and Stocks still moving in unison, which is unusual and Giant outsized spike in Bund yields caused initial surge in TY yields back to last Friday's highs, which normally is quite positive for Financials.  Gold has trimmed some of early gains, and precious metals positive today while Base still negative-  Energy weakness has accelerated in trading today with Crude falling nearly 2.5% into its close, which has been a weight on the sector, but given the recent strength, should be a buying oppty for many of these names.  For now, still very little to be all that concerned about with SPX and NDX still Above last Friday's lows, with weakness proving to be just minimal and concentrated in the former winning sectors-Movement back under 2071 would have importance, but would need NDX to violate 4435.. and for now, not much sign of NDX starting to lead, and has held up given the extent of lagging over the last couple days. Still seeing good strength out of STX, KR, TSN, MCK, RCI, MNST all higher by 1.5% or more while PRGO, XRX, ENDP down more than 10% and MYL, RIG, WYNN lower by more than 5% today-  Would look to buy dips in energy, financials after today given rate spike and general bullish structure in WTI, while the strength in the Defensives and outperformance in Utilities specifically is thought to be a chance to sell with Yields rising

S&P holding at/near last Friday's lows, with no real weakness is encouraging for the bulls, as this area also rests right near early April highs

NDX having pulled back to the lows of its daily Bollingers is likely quite constructive for daily charts in thinking that prices could be near support and would have to violated 4435 to expect otherwise

NY COMP-  Dropping to multi-day lows likely allows for a bit more weakness to unfold over the next few days, but until uptrend lines have been violated.. it's difficult making too much of this.  Counter-trend sells in NY COMPOSITE are being confirmed today similar to BUYS that happened right near the lows in mid-January