The Entire Market Is Chasing The Same Trade

Fragile Melt-Up

Tech continues to absorb nearly all the market’s oxygen. QQQ just saw its biggest inflows in five years, speculative call chasing is exploding across semis, and AI-linked themes continue to dominate market breadth.

At the same time, SPX and NDX are once again pressing into delicate technical levels as dealer positioning becomes increasingly fragile.