In the U.S. Sector Trend Following Matrix we highlight the percentage of stocks above their 5, 20, 50, 100, 150, and 200 day moving averages of the S&P 500 index and a breakdown of each of its sectors.

Elite Eight stocks (META, AMZN, NFLX, MSFT, AAPL, GOOGL, NVDA, TSLA) now make up 28.4% of the S&P 500 market cap

While the options market expects lower volatility over the next 30 days, active risk managers and tactical investment managers pursuing risk-adjusted asymmetric investment returns may be inclined to hedge off exposure while protection is a better deal.

RSI can be informative in sideways, non-trending market states; it changes to a breakout momentum indicator in trending markets.

Only time will tell if the Call Wall, expirations, and long-vol positioning today has more impact or if there's enough momentum to drive it higher, but we'll be watching to see how it all unfolds.

Mega-cap tech ( AAPL MSFT AMZN GOOGL META ) market share of the S&P 500 is now 22%, but this chart from Goldman Sachs suggests the top 4 stocks in 2000 showed us market leadership is difficult to maintain...