WS #16685
The S&P 500 Equal Weight Index ($RSP) has outperformed the cap-weighted S&P 500 ($SPY) by 6 percentage points in October, marking the largest monthly differential since 2009, indicating a broad market rotation away from mega-cap tech. Meanwhile, options gamma positioning suggests the SPY is bouncing off a support floor at 750, with upside capped at 762, as the market awaits Apple's earnings report.
Market Rotation and Gamma Levels
The S&P 500 Equal Weight Index ($RSP) has outperformed the cap-weighted S&P 500 ($SPY) by 6 percentage points in October, marking the largest monthly differential since 2009, indicating a broad market rotation away from mega-cap tech. Meanwhile, options gamma positioning suggests the SPY is bouncing off a support floor at 750, with upside capped at 762, as the market awaits Apple's earnings report.