The $SPX Is Near All-Time Highs. High-Beta Momentum Is Down 41%

DavidMarlin
10-22

The $S&P 500(.SPX)$ is just ~1% below its highs, yet Goldman’s High Beta Momentum basket has plunged 41%.

Meanwhile, semiconductors have fallen 26% relative to the $SPX from their relative highs.

Over the past 20+ years, only three episodes went meaningfully deeper:

  • 2008 financial crisis

  • 2022 bear market

  • Liberation Day sell-off

👇 Watch $VanEck Semiconductor ETF(SMH)$ $iShares Semiconductor ETF(SOXX)$ $NVIDIA(NVDA)$

This is a massive divergence beneath the surface. The headline index looks resilient, but high-beta momentum and semiconductors tell a very different story.

When leadership deteriorates this sharply while the broader index stays near its highs, don’t mistake index strength for broad market health.

🐯 Watch market breadth. Respect the divergence.

Markets are always moving - and sometimes, the best move is knowing what works for you.

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