For ETF investors, that could be a good sign for industrial sector-specific funds, including the Industrial Select Sector SPDR (NYSEArca: XLI), Vanguard Industrials ETF (NYSEArca: VIS), iShares U.S. Industrials ETF (NYSEArca: IYJ) and Fidelity MSCI Industrials Index ETF (NYSEArca: FIDU).

Additionally, utilities have been the second best sector in December with a 2.74% gain. However, utility-sector ETFs like the Utilities Select Sector SPDR (NYSEArca: XLU), Vanguard Utilities ETF (NYSEArca: VPU) and iShares U.S. Utilities ETF (NYSEArca: IDU) have weakened 2.0% over the past month ahead of a mid-December Federal Open Market Committee meeting where the Fed could announce its first interest rate hike in almost a decade.

Surprisingly, the growth-oriented tech sector has been the weakest link in the stock market over the December month. Technology stocks only posted a positive return 52% of the time for an average 0.6% gain. Consequently, investors who have exposure to tech sector ETFs, like the Technology Select Sector SPDR (NYSEArca: XLK), iShares U.S. Technology ETF (NYSEArca: IYW) and Vanguard Information Technology ETF (NYSEArca: VGT), may want to be vigilant for any short-term turns.

For more information on the market sectors, visit our sector ETFs category.

Max Chen contributed to this article.