Narrow Tape, Record Index: The Risk in Monday's Rally
Monday's session pushed the S&P 500 ETF back to the edge of a record, but the tape underneath was far thinner than the index gain suggests. SPY rose 1.55% to $773.50, within 0.75% of its 52-week high of $779.37, and the move was driven almost entirely by megacap technology: QQQ climbed 2.88% to $741.47 and the technology sector ETF XLK added 2.89% to $194.85. Small caps gained 0.52%, industrials 0.40%, and the defensives closed in the red. The index is making headlines; the breadth is telling a narrower story, and that gap is the setup worth paying attention to into this week's data.
Key Takeaways SPY rose 1.55% to $773.50 on Monday, within 0.75% of its 52-week high of $779.37, while QQQ adde…
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