The market is down or appearing sluggish with more losers and losing sectors than winners and winning sectors.

Technology (XLK) is shaken mostly by those mega-cap names at the center of the Artificial Intelligence (A.I.) hype.

It’s okay for the Philly Semiconductor (SOX) Index to pull back here, but I’d like to see it hold at the 50-day moving average.

On the economic front, the Conference Board Leading Economic (LEI)indicator dropped -0.4%m/m in January, missing the consensus of -0.3%. The Conference Board no longer expects a recession in 2024 but forecasts real GDP growth to slow to 0% for Q2 and Q3.

Notably, six out of the LEI’s ten components were positive over the six-month period, the last time this happened was 2021.