The picture is unchanged: stronger earnings, lower valuations than the late-1990s episode and improving breadth support the broader equity backdrop. That does not extend cleanly to financials, which still face a long-term relative downtrend versus the S&P 500.
Earnings are stronger than during the 1998–2000 period, while valuations are lower and current equity-market breadth is broadening rather than narrowing.Month
Financials have substantial work remaining before reversing their long-term downtrend relative to the S&P 500, indicating continued relative weakness.Year
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Earnings are stronger than during the 1998–2000 period, while valuations are lower and current equity-market breadth is broadening rather than narrowing.DIRECTION ONLY
Earnings are stronger than during the 1998–2000 period, while valuations are lower and current equity-market breadth is broadening rather than narrowing.
Financials have substantial work remaining before reversing their long-term downtrend relative to the S&P 500, indicating continued relative weakness.DIRECTION ONLY$XLF
Gold remains favored on a long-term basis despite its pullback, though incremental additions warrant patience until resistance near prior volume-weighted entry areas clears.DIRECTION ONLY$GLD
Gold remains favored on a long-term basis despite its pullback, though incremental additions warrant patience until resistance near prior volume-weighted entry areas clears.
BKLN, representing riskier credit, is confirming the S&P 500 advance by printing a new high after participating in the earlier 2026 rollover.DIRECTION ONLY$HYG
Small caps relative to large caps appear to be stalling near a downward-sloping 200-week moving average within an existing relative downtrend, not signaling a forecast.DIRECTION ONLY$IWM
Small caps relative to large caps appear to be stalling near a downward-sloping 200-week moving average within an existing relative downtrend, not signaling a forecast.
Tech and AI underperformance still appears to reflect healthy market rotation, with broader participation supporting the constructive assessment rather than signaling deterioration.DIRECTION ONLY
Tech and AI underperformance still appears to reflect healthy market rotation, with broader participation supporting the constructive assessment rather than signaling deterioration.
Nasdaq Composite still appears to be completing a successful bullish breakout and retest, with the case strengthening the longer price remains above weekly cloud resistance.DIRECTION ONLY$QQQ
Nasdaq Composite still appears to be completing a successful bullish breakout and retest, with the case strengthening the longer price remains above weekly cloud resistance.
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