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“I’m not a paranoid deranged millionaire. Goddamit, I’m a billionaire.” – Howard Hughes

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Below is a quick look at price charts for major US index ETFs from large-caps down to small-caps.  Things have really taken a turn lower in small-caps, mid-caps, and the equal-weight large-cap ETFs.  Both the S&P 500 Equal Weight ETF (RSP) and the Nasdaq 100 Equal Weight ETF (QQQE) have broken below the bottom of their six-month uptrend channels.  However, the regular cap-weighted S&P 500 (SPY) and Nasdaq 100 (QQQ) ETFs have managed to hold onto their uptrends so far and are above their 50-DMAs.

With the market up 25% this year and no 10%+ corrections, we noticed yesterday that the S&P 500 has managed to close solidly above its 200-day moving average for the entirety of 2024: