The top 10 stocks almost never stay on top
Learnings and conclusions from this week’s charts: $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ(.IXIC)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $DJIA(.DJI)$ $GLOBAL X DOW 30® COVERED CALL ETF(DJIA)$
1. June saw the first new all-time monthly closing high (above the Dec 2021 high) in CPI inflation-adjusted terms.
2. The Equal-Weighted S&P 500 made a new decade+ relative low vs the Market Cap-Weighted index.
3. The Nasdaq faces mixed short-term signals (tailwind vs warning).
4. The top 10 stocks almost never stay on top.
5. Capital markets activity remains sluggish vs history.
Overall, I would say it’s more of the same of mixed signals and mixed performance within markets and across assets, but predominantly more of the same up-to-right price action for the S&P500 (despite among other things an increasingly “interesting” (geo)political backdrop).
https://x.com/Callum_Thomas/status/1807862317637685689
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