The Market Looks Calm — That’s The Trap

Rare under the hood

The index looks calm. Under the surface, it’s anything but.

Market internals just did something they’ve only done 13 times since 2007. Dispersion is sitting in the 98th percentile. Semis and software are pulling apart. Small caps are quietly crushing mega caps. Emerging markets are beating U.S. tech. And investors are still crowded into the same AI names.