Bulls are back in control. The S&P 500, Dow Jones Industrials, and NASDAQ 100 each have surged well above their respective round-number millennium resistance levels -- 2,000, 17,000, and 4,000.

Despite concerns about global economic growth and a persistent lack of inflation, especially given all the global quantitative easing, fundamentals for U.S. stocks still look good.

Stocks were able to leverage some optimistic news and dovish words from the Fed to take another stab at an upside breakout attempt last week.

Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down easily.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy

The Consumer Staples sector ranks first out of the ten sectors as detailed in my Sector Rankings for ETFs and Mutual Funds report. It gets my Very Attractive rating, which is based on aggregation of ratings of 10 ETFs and 15 mutual funds in the Consumer Staples sector as of July 17, 2014.