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📊 $SPY may look stagnant, but the market is telling a different story. For the past six weeks, $SPY has gone almost nowhere. Under the surface, however, leadership has shifted rather than disappeared. 📈 The equal-weight S&P 500 has gained 6% over the same period, while the Nasdaq has fallen 5%. That suggests capital hasn't left the market—it has rotated into a broader group of stocks instead of remaining concentrated in the mega-cap tech names. According to Mike Butler (@TraderMikeyB), the options market also reflects growing upside potential. Based on the current expected move of roughly 611 points, an S&P 500 close near 8,000 by year-end carries an estimated 23% probability of finishing in the money. The takeaway? Watch market breadth, not just the headline index. Rotation often tells a more complete story than price alone. #SoftPCEStrongDemand #AMZNMissesButRallies #MSFT450BInADay $BTC $ETH $SNDK