The monthly Relative Rotation Graph shows the market's internal leadership on one page: who is leading the S&P 500, who is improving, and where relative momentum is still breaking down.
Rotation is not just about whether the index is up or down. It shows where institutional leadership is building beneath the surface—and where it is still deteriorating.
Technology is leading, Industrials are pressing into the leading quadrant, and Energy has the strongest improving trajectory. Health Care and Materials are improving. Financials, Real Estate, Staples and Utilities remain on the lagging side, while Consumer Discretionary and Communication Services are still weakening.
AAPL and GOOGL are still in the leading quadrant, though GOOGL's relative momentum is rolling over. NVDA and TSLA remain in weakening territory. AMZN is near the center, while MSFT, META and NFLX are still lagging.