We may still be in a bull market, but it really doesn't feel like one. And at least one indicator suggests we could be heading for a slide.
Since the beginning of this year, the S&P 500 is being driven by sectors traditionally considered to be safe investments, such as utilities, telecom and consumer staples. The stock index was hovering less than a percent off its own 52-week high as of Friday morning.
Generally, when the broader market is lifted by these "defensive" sectors, it means investors are looking for safe havens where they can weather a future storm. That could be a precursor to an economic slowdown.