In absolute terms, however, SPY typically sees volumes that are 15-20X that of RSP. In the current month, both have plunged.

In Conclusion

Three factors that will likely clash over the next few days. The first: a slew of upcoming earnings releases in both « tech » and « ex-tech ». Across the board, they can be expected to be « so-so »: overall positive but no massive standouts. In the past five years, even a « so-so” release would have triggered a strong rally manifesting for a quarter or even longer, given the large variety of players. In the present day, there are fewer players and they’re largely either « institutional » or « professional ». However, of the entire gamut of sectors, « tech » has tended to attract higher conviction from the clients of said « institutionals ».

The second factor is that sector rotation is both desirable and natural, thereby making it expectable. The affordability crisis is by no means over: easing of monthly CPI or not, the accrued elevation of costs for the average American consumer ensures that any over-optimistic forward outlook in any company with a broad consumer base would be (and should be) questionable.

The third factor is the relatively shallowness of the investor pool. Even a relatively smaller lot of trades are manifesting as a rally in intraday sessions with an inevitable correction either later on in the day or week. Simply put: while the market is looking upwards, there isn’t a whole lot of support for an overly-high jump.

Overall, there is a lot of potential for finding a slew of decently-priced securities outside of « tech » while Big Tech can be expected to continue to slide in valuation over the course of this quarter. What will confound this would be momentary spikes sparked by modest buy-ins in a shallow market.