KeepItSimpleSubstack

Week 23 - SP500 Update

Jun 01, 2026

∙ Paid

I highly recommend using the link to view these posts in a desktop browser. Substack limits the size of emails, and since I use a lot of images, some readers have been missing important data by only viewing the truncated email

TL;DR 
🛢️ Energy "Don't these people know there is a war!"
📲 Technology leading on all measures.
🚜 Materials having a turn-around week?
⑦ Mag 7 Is the Mag 7 now a macro trade? Lockstep is ended and the variation defines the macro regime? Too far..?

Here is a post from March 15th, I have made it available for all, where I started to show people that technology was starting to turn.

The ultimate low in the indexes had not come yet but to this point the median return for the tech sector was -12%. The part of the index that always goes up had already crashed. You see this over and over with what HariPKrishnan calls “the second leg down”. The internals are cascading while the top level indexes appear not to care, then you get what I would call the phantom second leg because the indexes finally appear to care.

Phantom because the market has different phases and I often talk about the 2 year volatility cycle. What we had in Mar ‘26 marked the end of year 1 and started year 2.

Over the paywall I go more in-depth and paid subscribers can access grabs of the spreadsheets showing all 503 tickers in the SP500.

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