📊 🎯 Breadth is masking index pain: $SPY -1.99% vs $RSP +0.23% (and another tape where $SPY >-0.4% while $RSP >+0.4%) underscores rotation away from mega-cap tech/AI rather than indiscriminate de-risking. Cap-weighted pressure is concentrated: $GOOGL -5% premarket post-earnings; $SPY has

📊 broken/held below its 50DMA while $VIX risks another “spasm” into 10AM ET JOLTS. Risk-off pockets persist with after-hours $QQQ -1.4% and forced-selling signals across high-beta/alternatives ($IBIT -5.2%, $GLD -3.0%, $SLV -11.5%).

📊 History matters: this breadth-divergence setup has occurred 11x since 2003; $SPX was higher 12M later 91.7% of the time (+18.5% avg), with >70% of constituents rising even as the index fell. Watch: whether $SPX stabilizes vs its 50sma after the 3% / -222pt drop from the 7002 ATH, and if $RSP