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Equal-weighted SPX looks to be on the verge of turning up vs. SPX

Another stellar week for stocks which showed increasing evidence of a broader-based rally being closer to getting underway.  As many know from the past month, the SPX and QQQ rally to new highs has been driven by just a handful of names.  However, it appears like this could be changing and I suspect that next week provides the time where Equal-weighted S&P 500 gauges could bottom out vs. SPY.  At present, this divergence isn’t too problematic given no evidence of leading sto

Another stellar week for stocks which showed increasing evidence of a broader-based rally being closer to getting underway.  As many know from the past month, the SPX and QQQ rally to new highs has been driven by just a handful of names.  However, it appears like this could be changing and I suspect that next week provides the time where Equal-weighted S&P 500 gauges could bottom out vs. SPY.  At present, this divergence isn’t too problematic given no evidence of leading stocks turning down, and SPX and QQQ maintaining recent uptrends.  Equal-weighted SPX managed to close today at the highest levels in nearly two years, and arguably should help jumpstart a broader rally while many are fearing markets have become too overbought.   

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