The divergence between the broader stock market and a handful of massive technology companies continues to hit new milestones.
technical strategist Jonathan Krinsky said in a note to clients Sunday that the market-cap-weighted S & P 500 is abnormally far ahead of the equal-weighted version of the index as measured by their respective relative strength index, or RSI, a momentum indicator. The regular S & P 500 closed with an RSI above 70 last week, while the equal-weighted version finished with an RSI below 50 on the same day. "That's the first time in history that has happened.
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