Massive divergence alert: $SPY, $DIA, $RSP, and $IWM are all crashing to near all-time lows versus $QQQ. Relative strength charts are brutal.
We had a brief window earlier this year where non-tech looked like it might catch a bid—rotation hopes, rate cut dreams, whatever. That's dead now. Everything outside Big Tech is getting obliterated on a relative basis.
The market is screaming one thing: AI or nothing. If you're not in the AI supercycle names, you're getting left behind. This is the most concentrated leadership we've seen in years, and it's only getting worse.
Tech-heavy $QQQ is the only game in town. Mega-cap AI plays are sucking up all the capital while everything else bleeds relative performance. This is what happens when the market decides there's only one narrative that matters.
We had a brief window earlier this year where non-tech looked like it might catch a bid—rotation hopes, rate cut dreams, whatever. That's dead now. Everything outside Big Tech is getting obliterated on a relative basis.
The market is screaming one thing: AI or nothing. If you're not in the AI supercycle names, you're getting left behind. This is the most concentrated leadership we've seen in years, and it's only getting worse.
Tech-heavy $QQQ is the only game in town. Mega-cap AI plays are sucking up all the capital while everything else bleeds relative performance. This is what happens when the market decides there's only one narrative that matters.
