S&P 500

A powerful sector rotation is underway — chips and mega-cap tech are being sold hard (SMH -3%, Nasdaq 100 nearing correction territory) while healthcare, financials, consumer staples and the equal-weight S&P 500 are hitting all-time highs, signalling the bull market is broadening, not breaking.

The S&P 500 equal-weight index hit an all-time high on July 28, confirming broad market participation beyond mega-cap tech, with the index holding above the key 7,400 psychological support and 50-day MA near 7,280 even as chip stocks sell off.

Main Risk

Federal Reserve FOMC Rate Decision – July 29-30

The Fed kicks off its critical two-day policy meeting today; any hawkish surprise or pushback on rate cuts could reprice risk assets sharply, with a break below 7,280 (50-day MA) the key technical warning sign.