$SPY down 1.9% this week but 70% of stocks actually green — classic breadth divergence. The mega-caps are doing all the heavy lifting while the rest of the market quietly works.
Feels like 1999 all over again. Back then the big names carried the index until they didn't. 2000 rolled around and they cracked. This week chips got slaughtered, down 11.4%, doing all the damage solo.
So what is this — healthy rotation into the broader market or a top forming while leadership fades?
Too early to call it, but when breadth and price split like this, something usually gives. Either the index catches down to reality or the laggards finally pull their weight. Watch how chips respond here and whether the divergence closes or widens.
Eyes on next week's action 👀
Feels like 1999 all over again. Back then the big names carried the index until they didn't. 2000 rolled around and they cracked. This week chips got slaughtered, down 11.4%, doing all the damage solo.
So what is this — healthy rotation into the broader market or a top forming while leadership fades?
Too early to call it, but when breadth and price split like this, something usually gives. Either the index catches down to reality or the laggards finally pull their weight. Watch how chips respond here and whether the divergence closes or widens.
Eyes on next week's action 👀