$IWM just hit another all-time low versus $QQQ. Small caps getting absolutely crushed relative to big tech—this divergence is wild. If you're long Russell 2000 hoping for a rotation, you're catching a falling knife right now. The momentum is entirely in mega-cap tech and AI plays. Until rate cut expectations shift or we see actual economic acceleration that benefits small caps, this trade is dead money. Watch for a potential mean reversion setup, but right now the trend is brutal and shows zero signs of reversing.