Yesterday, only 23% of the components in the S&P 500 (SPX) finished in the plus column. Technology (XLK) was higher, with both software (IGV) and semiconductors enjoying gains, and Consumer Discretionary (XLY) eked out a gain as well. Large-cap momentum was the only factor that closed higher.

Equal Pain

Equal-weight S&P 500 (RSP) is on the cusp of a seventh consecutive losing week. This has only happened twice in more than three decades (the bear markets of 2002 and 2022).

Coming into the week, I was most interested in two things. One was buyers moving beyond tech. Equal Weight against the S&P 500 is extremely oversold – the last two times it got to this point, there was a sharp rebound.

Micron Delivers

Micron Technology (MU) crushed it!  This was the week's most important development:

The company’s Strategic Customer Agreements (SCAs) have locked in more than $30.0 billion through 2030, which is 35% of revenue.

For those expecting this memory demand to be short-lived, humanoid robots will soon trigger “significant demand.”