The $SPX squeezed out a 2% gain last quarter—smallest move since late 2021. Meanwhile, small caps got hammered. Russell 2000 down 7.5%, first red quarter in over a year.

This kind of divergence usually tells you something. Big names holding the line while the rest of the market rolls over? Classic late-cycle behavior. Breadth matters more than headlines.

Don't mistake a flat index for a calm market. Beneath the surface, things are shifting.