We've seen an aggressive de-leveraging and momentum unwind across AI and broader momentum names, but $SPX itself hasn't caught down to it yet. Either momentum rallies back hard from here, or the more likely read is SPX eventually rolls over to meet it, and the chart of this unwind against the last two years makes the size of the move pretty clear. Not picking a side yet, but this divergence is the thing to watch into the week ahead.
Aggregated and distilled by Two Sentence Traders. Not financial advice.