From a short-term trading perspective, last week’s rally was predictable. Positive divergences flashed all over the equity map on daily charts – globally, domestically, and within sectors, industry groups, and individual stocks. So it was certainly an opportunity for the bulls to regain control of the action in the near-term and they did. Last week’s leading sectors were consumer discretionary (XLY) and technology (XLK) and both showed that selling momentum was slowing on their most recent lows. Check out their charts: