On this last Tuesday of the month, Julius looks at seasonality and tries to align the theoretical expectations for the relative performance of sectors against the S&P 500 going into September with the current reality as it is playing out on the Relative Rotation Graphs. He then continues with a look at the current rotation of sectors, noting a renewed rotation to defensive sectors and a completed top formation in the $SPX chart, which points to a target of 3900 in $SPX.