by John Kosar, CMT
The benchmark S&P 500 rose to fresh all-time highs last week, gaining 13.30 points or 0.54% amid overall positive market internals. However, investor asset flows, which drive day-to-day movement in financial asset prices, have been tepid-to-weak in exchange traded funds that represent key U.S. indexes. These data suggest that investor enthusiasm has been primarily focused on technology issues, and that tech has recently been dragging the rest of the market higher along with it. This dynamic could quickly become problematic for the overall U.S market if tech falls out of favor and another major piece of the market, like small cap, does not step up to carry the baton.
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