The two sector PerfCharts below show relative performance for the nine sector SPDRs near the 2007 peak and after the 2003 bottom. The S&P 500 peaked from July to October 2007 and broke down in the fourth quarter of that year. In the summer of 2007, the energy and materials sectors were leading the market and showing relative strength. Also notice at the consumer discretionary was lagging the S&P 500. This section action matches what is expected at a market top.