Mega Caps Take Back Momentum

$QQQ $SPY $DIA $IWM

This quad chart of the major indices with AVWAP’s from election day is showing mega caps retaking leadership versus small caps. It feels like rotational activity within a bull market more so than a flight to safety. Recent breadth readings (new lows vs new highs) might contradict this view, but we’re entering a seasonally strong time period, and I’m more inclined to see how the next few weeks play out first. I think it’s notable that $BTC has held in above $100K during the weakness of the past 7-10 days.