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In a market full of divergences (which is not sufficient to declare a major top, but rather reinforces the scattered, choppy action as a whole), another one can be seen within the consumer staples sector. 

The storied Procter & Gamble is the top component in the XLP, consumer staple sector ETF. And PG is operating well below its declining 200-day moving average (yellow line on daily chart, below). This is happening while the XLP is essentially rangebound and has been hanging in fairly well. 

Headed into the summer, I am keying off PG to see if it is out in front of the rest of the defensive names, particularly when so few people seem to be noticing the glaring weakness.