Remember When… the S&P didn’t close up or down more than 1% for 70 consecutive sessions between October and January? Feels like ancient history, but even still it’s uncanny that despite the SPX trading up as much as +1.5% today, it still feels like a “boring” start to a busy week for US markets. Cyclicals / Value are leading the way as Tech takes a relative breather, and Small Caps are enjoying a much needed outperformance day (IWM +4.4%). Still certain measures of Growth vs. Value show that on a technical basis, Growth’s relative outperformance doesn’t appear to be ending anytime soon (JPM chart below)
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