When index leadership exhausts, money mostly doesn’t exit the market — it rotates into whatever nobody is talking about. MarketMike’s dot-com specimen: REITs bottomed in March 2000, the same month the Nasdaq peaked, then rose for two straight years while the Nasdaq halved. The tell for a leadership top wasn’t in the leaders; it was the bid appearing under the most ignored sector.
The 2026 echo per his chart: Nasdaq high-flyers losing momentum since the May/June peak, REITs near their highs of the year and turning up. Honest caveats: n=1 precedent, and REITs are a duration asset — their 2000 revival was also the market front-running Fed cuts (Equity duration), so the rotation may be a rates call in sector costume. The Hindenburg Omen‘s many-highs-and-lows condition is this same rotation seen in breadth data.
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