Tech stocks have been a darling among investors, who have shunned financials and industrials, heaping scorn on old school investors like Warren Buffett. This preference for tech has pushed those shares to a near-record weight of the S&P 500 relative to other sectors, exceeded only by 1999-2000.; Earlier in June, utilities stocks enjoyed a surge that pushed all of them above their 50-day moving averages. That has since cooled and now less than a third of them are above average. The entire time, no more than 60% of them managed to climb above their 200-day averages. A similar surge-then-pause is seen in the McClellan Oscillator for the sector.

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