In this episode of The Weekly Trend, Dave Zarling and Ian McMillan examine an S&P 500 stuck in a prolonged trading range as market leadership continues to shift beneath the surface. Technology and semiconductors struggle at key technical levels, while Healthcare and Energy show improving relative strength. They also explore the sharp contrast between bullish retail investors and defensive institutions, weakening market breadth, and the evolving momentum trends reflected in ADPV's changing holdings. With major indices testing important support levels and market participation remaining narrow, is this simply a healthy consolidation after a powerful rally, or is the market preparing for a more significant move lower?

In this episode of The Weekly Trend, Dave Zarling and Ian McMillan examine the growing divergence between the cap-weighted indices and the average stock. They discuss weakness in semiconductors, AI-related stocks, and mega-cap technology, while Energy and Healthcare show improving relative strength. Small caps and emerging markets remain under pressure, regional banks are flashing caution, and a strengthening U.S. dollar adds another potential headwind. With volatility rising and midterm elections approaching, is the market setting up for a deeper correction toward the 200-day moving average, or are we witnessing a rotation that could eventually strengthen market participation? The guys break down the key technical levels, sector trends, and market signals worth watching in the weeks ahead.

In this episode, David Zarling and Ian McMillan break down a market sitting near all-time highs despite significant damage beneath the surface, with nearly 60% of S&P 500 stocks more than 20% below their own all-time highs. They discuss the continued leadership from technology and semiconductors, the potential for breadth to finally expand, and whether beaten-down areas of the market can catch up or the strongest trends simply keep getting stronger. The conversation also examines washed-out breadth readings, bearish investor sentiment, rising money-market allocations, higher oil and interest rates, widening credit spreads, a strengthening dollar, and the surprising resilience of Bitcoin. With Q4 historically one of the stronger seasonal periods, they consider whether the recent flush has run its course or whether the cap-weighted indexes still have some catching down to do.