Prepared for you by Randy Dunham
October 19, 2026
THE PRINT
Technology was the only sector to underperform the S&P 500 last week, falling nearly 8% while the index lost about 2%.
THE CHART(S) / DATA
Technology was the clear laggard last week. The sector fell roughly 7.7%, while the S&P 500 declined about 2%.
Every other sector outperformed the index with consumer staples and energy leading the way. We also some some rotation into healthcare and basic materials, each up about 3%.
Market performance is starting to diverge from technology.
Of course, one week doesn’t change a trend, but it’s worth watching tech from here.
A larger trend change must shift on shorter timeframes first!
Takeaway: Technology’s relative weakness is worth watching. Despite being the second-best performing sector YTD (+27.9%), continued underperformance could signal that tech is falling out of favor with the market..
THE TAPE
THE HIGHS AND LOWS
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Material, data, and information in this newsletter are for informational purposes only. This is not tax, legal, or investment advice, and does not constitute a suggestion, solicitation, or offer to buy or sell securities. TTI believes this information is reliable but does not warrant its completeness or accuracy.