The S&P 500’s long-term internals are flashing warning signs most people are ignoring. Cap-weighted vs equal-weighted correlation just hit a record low of 78% (average is 96%). At the same time, the High-Low Logic Index is extremely elevated. Historically, this combination has preceded nasty corrections.
Published Jul 03, 2026Updated Jul 03, 20262 min read
The S&P 500’s long-term internals are flashing warning signs most people are ignoring. Cap-weighted vs equal-weighted correlation just hit a record low of 78% (average is 96%). At the same time, the High-Low Logic Index is extremely elevated. Historically, this combination has preceded nasty corrections.
