The appetite to move higher seems to be waning. The market has been in a range for really the better part of the last couple months.
It is a little concerning that the NHNL and Capitalized NHNL are this strong with not a lot of upward movement. However, the Capitalized NHNL is weakening.
Conflicting signals. It certainly does not give confidence.
When the AI bubble finally pops, I imagine this is what it will look like. With the market being so top heavy, the Capitalized NHNL will probably be negative with the NHNL being positive for an extended period of time. I don’t believe the AI bubble is popping yet. Just a thought of what it may look like. No idea.
