Market breadth is telling two different stories right now.
Look at the 4-week highs chart: Tech still leads with 40%+ of stocks at recent peaks. Consumer Discretionary and Industrials showing decent strength. But Financials? Under 20%. Energy barely registering.
Now flip to the 52-week view: Tech dominance fades dramatically. Utilities actually leading at 35%. Financials collapse to near zero.
This divergence matters. Short-term momentum says one thing. Long-term positioning says another. When the leadership that got you here isn't the leadership showing up in the yearly picture, you're watching a rotation in real time.
The market isn't one thing. It's eleven sectors with eleven different stories. Right now, those stories don't agree.
Look at the 4-week highs chart: Tech still leads with 40%+ of stocks at recent peaks. Consumer Discretionary and Industrials showing decent strength. But Financials? Under 20%. Energy barely registering.
Now flip to the 52-week view: Tech dominance fades dramatically. Utilities actually leading at 35%. Financials collapse to near zero.
This divergence matters. Short-term momentum says one thing. Long-term positioning says another. When the leadership that got you here isn't the leadership showing up in the yearly picture, you're watching a rotation in real time.
The market isn't one thing. It's eleven sectors with eleven different stories. Right now, those stories don't agree.