Bulls are awfully happy today…apparently not having a very cool understanding of one of the most bearish structures in markets: the bearish running correction
LOTS OF DISAPPOINTMENT COMING UP $SPX $SPY $ES_F pic.twitter.com/dFmPNp7wEy
— @mcm_ct_usa (@mcm_ct_usa) August 7, 2023
The S&P 7, which are the biggest tech stocks, now account for 28.6% of the entire S&P 500.
This is just shy of the record 28.9% seen in late-2021.
Almost all of these names have been driven by AI-related headlines.
Markets are being increasingly driven by a few names, with a… pic.twitter.com/xzyUCS7Y6H
— The Kobeissi Letter (@KobeissiLetter) August 7, 2023
https://twitter.com/leadlagreport/status/1688529924401897472
Ticktock.. ticktock
Treasury 🚨 https://t.co/P8TjutiKIS
— Willem Middelkoop (@wmiddelkoop) August 7, 2023