Whatever direction (if any) the overall stock market is going in there can always be trends either in the same or the opposite direction when you look at the sectors within the market.

Each week I like to get an overview of how these sectors are performing.

For instance, this weekend I used the following criteria in an analysis.

For outperforming sectors still in an uptrend:
sector out performance over the last 3 months over 5%
Kagi 2% in Yang mode
sector index over the 200 day moving average
13-26-52 moving average combination in up trend mode.

The following sectors passed this test:
Electricity; Technology; Tobacco; Travel and Leisure.

For underperforming sectors in a down trend:
sector under performance over the last 3 months greater than 5%
Kagi 2% in Yin mode
sector index below the 200 day moving average
13-26-52 moving average combination in down trend mode

The following sectors passed this test:
Alternative Energy; Banks; Financial Services; General Retailers.

Any overnight trades I look for will respect this analysis, so for instance I would not look to go long any General Retailer stock, I would only look to go short in that sector.