While the S&P 500 is getting hit hard in the past few days (and especially today) largely thanks to weakness in Tech stocks, there has been one glimmer of light. The Health Care sector has been flying higher, now up 5.2% in the past three sessions alone.  After that move, Health Care is extremely overbought trading over 3 standard deviations above its 50-DMA. That is the first time the sector traded at least 3 standard deviations above its 50-day since July 21, 2023, and at the current level (3.08 st. dev. above), it is the most overbought since September 11, 2017.

Not only has Health Care gotten extremely overbought, it did so quickly. In fact, as recently as Wednesday, the sector wasn’t even a full standard deviation above its 50-DMA. With an over 3% gain on Thursday, the sector finished over 2 standard deviations above its 50-DMA.  Since the start of our data in late 1989, there have only been a dozen times (including this week) that Health Care went from less than one standard deviation above its 50-DMA to extremely overbought in the span of one session. As shown below, the most recent of these was actually this past February, but before that, the last instance was all the way back in 2017.

While the size of the move in the past few days is large and the extent to which it has gotten extended is notable, perhaps the most striking aspect of the rally is in relation to the S&P 500.  As shown in the first chart below, Health Care’s 1.3% gain versus the S&P 500’s over 2% decline on the session on Friday is one of the largest divergences between the two on record. Factoring in the past three sessions, Health Care’s 7.8 percentage points of outperformance relative to the broader market is second only to January 7, 2000 (when it outperformed by 10.5 percentage points).

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Equities are turning lower to end the week, putting the S&P 500 on pace to end a nine-week winning streak. The 2.25% decline as of this writing today also puts the index on pace to close within one standard deviation of its 50-DMA (neutral territory) for the first time since April 13th. Likewise, the Tech sector that has fueled much of the recent rally is pulling back sharply, eying a 5% decline on the session, to also end its streak of overbought readings.

Tech has been overbought for 38 sessions in a row through yesterday’s close. Assuming today’s decline holds and the sector closes within one standard deviation of the 50-DMA, it would be the longest streak of overbought readings since July 31, 2025 when it had spent 56 sessions in a row in overbought territory. For the S&P 500, the aforementioned streak of elevated closes is now the longest since April 2024.

For the broad S&P 500, Friday’s decline is the largest single day drop since October 10, 2025 and for Tech, it’s been even longer since we have seen such a large decline.  The sector is one pace to close with the largest daily decline since April 4, 2025.

However, today’s decline is in the context of a few days of weakness. Tech peaked on Tuesday, and at the moment it is down over 8% versus that high. As shown below, that is the largest three day decline since the tariff fueled sell-off in the spring of last year.  For all days since sector data beings in late 1989, the three-day drop ranks in the first percentile of all periods.

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Along with the now double-digit number of individual stocks with market caps exceeding $1 trillion, an ETF has joined the trillion-dollar club: VOO.

The Vanguard S&P 500 ETF (VOO), which allows investors to own the entirety of the S&P 500, had less than $200 billion in assets under management (AUM) as recently as 2021, but this week, VOO’s AUM crossed above $1 trillion for the first time in history.

As shown below, while the S&P 500 has returned 158.6% since the start of 2020, VOO — an ETF that tracks the index — has seen AUM grow by 667.7%.

Below is a list of the ten largest equity ETFs traded on US exchanges.  The Vanguard S&P 500 ETF (VOO) ranks at the top of the list, followed by the iShares S&P 500 ETF (IVV) at $855.4 billion, then the State Street S&P 500 ETF (SPY) at $789.8 billion.

As most seasoned investors know, SPY was the first-ever US ETF that began trading in 1993, but its 0.09% annual fee has kept it from remaining on top when it comes to AUM.  Both VOO and IVV charge just 3 basis points (0.03%) per year.  To compete, State Street also offers SPYM, which has a fee that’s one basis point less than the 0.03% charged by VOO and IVV, but SPYM AUM currently sits at $148.5 billion.

Combined, the ten largest equity ETFs now have $4.65 trillion in AUM, up $3.6 trillion since the start of 2020.

With the July 4th holiday coming up, make sure to pick up one (or two or three) of our fun t-shirts or sweatshirts to wear for the 250th.  You can find them at Bespoke Threads or an even wider selection at our Task Force 250 store.

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