The equal vs cap weighted Anomaly is getting more anomalous… 👀🤔
Normally in the long-run the equal-weighted version of the S&P500 outperforms the cap-weighted (for a number of good reasons) — the more recent dominance of cap-weight is an anomaly.
It's also an echo of the dot-com bubble era (many such echoes), and that could be an issue.
There is a chance this resolves via “Bullish Rotation“, but more likely the way it reverts (if/when it does!) would be through weakness in mega-caps.