Apr. 27 at 10:37 PM
S&P 500 cap-weighted printed a fresh ATH while the equal-weight gauge lagged meaningfully. The same divergence flashed in Jan 2025 and preceded a sharp mean-reversion. Mega-cap concentration is masking deteriorating breadth across
$XLF and
$XLI constituents. 🏛️
Valuation dispersion is now extreme: top decile trades at premium multiples while broader FCF yields in names like
$PFE remain compelling. Watch for rotation, not collapse.