Something notable is happening beneath the surface.
The equal-weight S&P 500 ETF $Invesco S&P 500 Equal Weight ETF(RSP)$ was RED for 7 consecutive weeks while the cap-weighted $SPDR S&P 500 ETF Trust(SPY)$ kept pushing to all-time highs.
That divergence was worth watching. Index strength was masking weakness across the broader market.
This week, the picture changed.
$RSP is outperforming $SPY for the first time in almost TWO months.
One week doesn’t confirm a trend, but it could be the first sign that market participation is starting to broaden.
The timing is interesting, too. We’re seeing early signs of rotation and breadth expansion in the first full week of Q4.
If more stocks begin participating in the rally, the bullish case could get a meaningful boost.
👀 The key question now: Is this a one-week bounce, or the beginning of a broader market rotation?
Watch $RSP vs. $SPY. The answer may tell us more than the headline index highs alone.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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