Sep. 1 at 12:46 PM
Relative equity leadership contracted into the August 31 close. Across our ETF universe, 53 of 59 equity ETFs (90%, unchanged on the month) hold above their 10-month moving average 10M MA, while only 21 of 58 (36%, -19.0pp) hold above their 10-month ratio moving average versus the S&P 500
$SPY, 10M ratio MA vs SPY. Emerging markets
$EEM and Nasdaq 100
$QQQ joined the relative winners. Low-volatility, dividend, and developed ex-US exposures filled the laggard cluster. The 54pp price-relative gap leaves the equity regime broad in price and selective in leadership.