Tech Is Doing All the Heavy Lifting 🌤️ The Morning Print

Good morning! 

The S&P 500 Ex-Technology ETF ($SPXT) just suffered its largest one-day decline since the market bottomed in late March.

Let's take a look.

While the S&P 500 pushed to fresh all-time highs yesterday, the underlying action wasn't nearly as strong.

For the fifth consecutive session, declining stocks outnumbered advancing stocks, highlighting weakening participation beneath the surface.

At the same time, the market outside of Technology continues to struggle for traction.

The S&P 500 Ex-Tech ETF broke down from its consolidation just above its prior highs.

It also posted its worst daily loss since March 27, a day that ultimately marked the low.

This setup looks different.

Instead of occurring after an extended decline, the weakness is emerging following a failed breakout attempt.

Technology has done much of the heavy lifting during this advance, and what we don't want to see is a market where Tech continues to drive the indexes higher while the rest of the market quietly deteriorates beneath the surface.