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Performance of $SPX stocks with Dec 31st - Feb 28th on the Y-axis and March 30th to date on the X-axis, and size is YTD%. $INTC +180% since the March low, but $SNDK is the standout over both periods (+482% YTD!)

South Korean KOSPI 200 index has doubled this year, and Taiwan TWSE 50 up almost 50%. $SPX +10% & $XLK +24%. Chart on the right shows performance sine March 30th:

@WizDayTrader aaii.com/sentimentsurvey

@Optuma Just who are they conducting this sentiment data on?

This week's AAII Sentiment data saw an increase in both Bulls and Bears for the first time since early January. More Neutrals turned Bearish (+3.6 to 36.6) than Bullish (+1 to 39.3) so the spread narrowed to +2.7:

$NVDA has added $480 Billion in market cap this week. That’s more than the entire valuation of $COST in just four days. At $5.7 Trillion, Nvidia is now larger than the bottom 250 stocks in the S&P 500 combined.

@BruniCharting @CMTAssociation Congrats Tom!

Personal Update: I’m returning to my roots, officially joining @CMTAssociation as Director, Community & Content (Americas) to build, engage, and amplify our community across the Americas. For those who don’t know, I discovered Technical Analysis in my senior year of high school, and it just clicked. As I carved out my place in the finance world, CMT Association’s events and members were invaluable resources; they taught me first-hand the power of community and the organizations that support it. After 15 years as a member, I’m "flipping the script" and joining the team to help create more success stories like my own and advance the discipline even further. Member value is maximized when content and community work in sync. I’m here to ensure we are a living, breathing ecosystem by focusing on two core principles: - Amplifying the Community: We have thousands of members and candidates globally. My focus is on scaling our city-level communities and ensuring our volunteers have the systems and support they need to thrive. - Elevating the Content: Our members are already doing world-class work. My job is to leverage and package the incredible insights already being produced to drive visibility for our members and the discipline at large. CMT Association’s future is bright, and I want to thank @_TBone_Pickens and the team for welcoming me on this journey in advancing the discipline of Technical Analysis. If you are a member, volunteer, or partner in the finance space—I’m excited to hear your ideas on how we can continue to move the industry forward together. You can reach me at tom@cmtassociation.org. Or join me this month at these two community events: - Boston Spring Summit (May 14-15) - Canada Quarterly Summit in Toronto (May 26)

@optionflys Beneath the surface of the $SPX... Stocks within 20% of their 12M highs: Falling Stocks within 20% of their 12M lows: Almost 50%

Breadth is definitely weakening under the surface here. $SPX keeps grinding near highs but fewer stocks are actually participating in the move now. NASDAQ and AI names are doing most of the heavy lifting while: • Dow struggles • Russell keeps lagging • Average stock participation fades This is no longer broad market strength. It’s concentrated leadership. The important thing though: price itself still has NOT broken structure. As long as: • SPX holds trend support • Mega cap leadership stays intact • Money continues rotating into leaders This market can stay stronger longer than most people think. That’s why rotation matters so much right now. You do not need 500 stocks working. You just need to be sitting in the right leaders. $SPY $QQQ @Optuma

$NVDA, $AAPL, & $GOOGL with ATHs drove $SPX to its 17th ATH of the year, but under the surface the number of new lows continue to outnumber the new highs:

28 $SPX stocks (5.6%) made new 12 month lows today (vs 3% for highs). The 10 day average is > 4% which is not what you usually see at market highs!

This is only the 3rd time that $SPX has been up 6 consecutive weeks with a 16% gain. 1962 & 2009 events came after major lows:

Another all-time relative high for $XLK vs $SPX, and all-time relative lows for $XLF & $XLV (over 13 years for $XLY).

@optionflys This was the 27th time $SPX closed a 6 week winning streak at an ATH. Of the previous occurrences, the next week closed higher 13 times (50% prob of gain) with an average gain of a 0.1% gain. After 4 weeks +0.2% (50%) and after 12 weeks +1.3% (58%).

Curious what your tester shows after 6 consecutive up weeks into ATHs. What’s the average forward return over the next 1, 4, and 12 weeks — and what’s the average max drawdown? Momentum is powerful, but these runs often shift from price expansion to time correction/chop before the next leg. Thank you.

6th consecutive higher week for the $SPX, for the 1st time since October 2024. +16% over those weeks to close at ATH, behind only the 27% 6 week recovery after the 2009 low:

$AAPL, $AMZN, $GOOGL, & $NVDA all closed the week at all-time highs for only the 11th time:

Only 18 of 50 industry ETFs are beating $SPX since March 30th:

Relative strength visualised on a daily @RRGresearch chart shows the total dominance of $XLK over the last month:

$XLK → Another all-time relative high vs $SPX $XLF → All-time relative low $XLV → 25 year relative low

New all-time relative high in $XLK vs $SPX with long-term relative lows for $XLF (which is only a fraction away from an all-time low), $XLY (431 days) and $XLC (378).

With only 2 positive breadth days out of the last 10 for the $SPX, the Breadth Thrust indicator (10 Period EMA of (Adv / Adv+Dec)) has crossed below 45: