Meanwhile... Software has continued to lag semiconductors, w/the software-vs-semis trade down another 7.5%.
That brings the weekly decline to 18%, as both sides of the trade moved further apart, pushing the pair to a fresh all-time low. Source: HolgerZ. Bloomberg
$SPX sp500 is back inside the range, trading roughly in the middle. Note the 200 day MA is right here.
Source: TME
Something weird took place the last week of March.
"Our retail cash platform finished last week net selling, the first such week since November 2025 ... retail has moved away from one-way buying behavior." (Citadel)
Goldman Sachs: "We have seen one of the weakest periods of relative returns for technology over the past 50 years."
Source: Brian Sozzi @BrianSozzi, Goldman Sachs
Last year’s price drop of -18.9% was way bigger than this selloff’s -9.1% max drawdown, but this year’s valuation pullback (-18.4%) is almost the same as what we’ve seen last year (-19.5%)
Source: Daily Chartbook
SPX is pushing slightly above the downtrend, testing the 21-day MA.
A close above could turn this into a squeeze setup, but 6700 (futures) remains the key resistance to watch. More here. Source: TME
SPX has tracked oil almost tick-for-tick since the Iran war began. Now it’s starting to decouple.
Do you trust forward-looking equities, or oil stuck at extremes? Source: TME
New paper from Hendrik Bessembinder just analyzed 100 years of stock market data.
And it's shocking. Out of nearly 30,000 stocks analyzed... Just 30 companies generated ~44% of all wealth created. Source: Oktay Kavrak, CFA @OKavrak
