Highlights
- The short-term Risk Gauge has downticked from 2 to 5 during the recent 2-week surge in the S&P and NDX.
- While not structurally bearish here and now, it is yet another of many episodes of "higher indices, weaker structure" that continue to accumulate beneath the surface.
- This building tension between AI winners at the expense of nearly everything else resembles the late 1999-early 2000 "new economy vs old economy" surge that drove the NDX 120% higher in 9 months. . .
