BE
@bearwhale
3d ago
Breadth divergence is flashing red — again
$SPY🐻 Bearish
Equal-weight S&P vs cap-weight spread is at its widest since 2021. Ten names are carrying the entire index. Every time this has happened, we got at least a 10% correction within two quarters. I know, I know — 'bearwhale is always bearish.' But my SPY put calendar disagrees with your optimism.
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