Weekly S&P500 ChartStorm - 16 June 2024

This week: market breadth, tech sector calm, receding recession, implied correlations, foreign holdings, value vs growth, long-term growth, sector weights in perspective, allocations and valuations...

Welcome to the latest Weekly S&P500 #ChartStorm!

Learnings and conclusions from this week’s charts:

• The index is being driven higher by mega-cap tech stocks.

• Breadth is weakening (bearish divergence).

• Tech sector credit risk pricing is calming as recession risks recede.

• Implied correlations are at warning levels.

• Foreign allocations to US stocks reached a rec…