The market is running two completely different shows at once

The market is running two completely different shows at once

The SPX closed June in the red at -1.06%, then turned around and gained +1.76% for the week. It made a new all-time high last month, and the weekly price is still holding above its 30-week SMA in a higher high, higher low pattern. The weekly uptrend remains intact. The index also reclaimed its 30-day SMA last week but failed to make a higher high, and is now forming a triangle pattern with a lower high and higher low.

Gobble's Take: Coiling, not collapsing. The triangle is just the market's way of thinking before it acts. Source: Weekly Market Review (7/5/2026)

Tech got clipped. Everything else quietly kept moving

The S&P 500 slipped 2.0%. The Nasdaq Composite tumbled 4.6%, weighed down by selling in semiconductors and mega-cap tech. Meanwhile, the rest of the market shrugged: the Dow gained 0.6%, the Russell 2000 advanced 1.0%, the S&P Midcap 400 added 0.7%, and the S&P 500 Equal Weight Index climbed 1.6%. The Information Technology sector fell 5.4%, and the PHLX Semiconductor Index dropped nearly 8%.

Gobble's Take: The big names bled. The broader market barely noticed. Source: Trade Alert Market Weekly Recap - The Peters Report

June's report card: small caps win, Nasdaq loses

For the month, the Russell 2000 led the pack with a +3.6% gain. The NASDAQ brought up the rear with a -2.81% loss. The DJI hit a new all-time high on Friday, and the NYA made a new all-time high last week.

Gobble's Take: Small caps took June. Tech handed it to them. Source: Weekly Market Review (7/5/2026)

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