Rotation from leaders into laggards is becoming more apparent in the market, and low-volatility stocks are among those that are benefiting. This is a notable shift after a technology-led advance, and it supports the idea that market leadership is broadening beneath the surface. The Invesco S & P 500 Low Volatility ETF (SPLV) exemplifies this rotation, exhibiting improved momentum in both absolute and relative terms. SPLV is poised to trend higher in the coming weeks within the context of a gradual long-term uptrend. The recent upmove is confirmed by a positive shift in the weekly MACD, reflecting improving intermediate-term momentum. The rally follows a successful test of key cloud-based support, denoted by the shaded area on the chart, which keeps the broader trend constructive. Initial resistance is close to the prior highs near $78, a little more than 2% above current levels. The relative setup for SPLV is naturally improving as the S & P 500 Index (SPX) consolidates. The ratio of SPLV to the SPX has moved back above its 50-day moving average (MA) after a prolonged period of underperformance, suggesting low-volatility stocks may continue to outperform in the short term. The longer-term relative trend is not yet bullish, with the declining 200-day MA still overhead, but the recent improvement fits with broadening leadership. SPLV's largest industry group exposure is electric utilities, comprising roughly 23% of the ETF, followed by REITs at nearly 18% and insurance at about 12%. These groups tend to benefit when investors favor more defensive exposure and seek lower volatility than the SPX. We highlighted insurance stocks last week as a source of improving relative strength, and that theme remains intact. REITs have also stabilized, and electric utilities are showing a constructive technical setup. The S & P 500 Electric Utilities Index is holding above cloud-based support, keeping its cyclical uptrend intact. The weekly stochastics have turned higher from oversold territory, a bullish near-term development that previously marked corrective lows in both January 2025 and January 2026. That signal supports upside follow-through in the coming weeks, with initial resistance near the prior highs, about 6.5% above current levels. As SPLV's largest industry exposure, improvement in electric utilities is a tailwind for the ETF. Overall, SPLV is benefiting from a broadening in market leadership and participation. With momentum improving behind the ETF, and its largest industry groups showing better technical setups, we expect low-volatility stocks to remain a source of relative strength in the weeks ahead. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . 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