$Invesco QQQ Trust(QQQ.US)$Invesco Nasdaq 100 ETF(QQQM.US)

QQQ spent another week consolidating near the highs, which on the surface looks healthy. The problem is that market breadth continues to narrow. Index performance still looks strong, but an increasing share of the gains is coming from a small group of semiconductor names.

That creates a strange environment where the index appears stable while many investors feel like they’re falling behind. If you aren’t heavily exposed to semis, chances are your experience has been much worse than the benchmark suggests.

The market isn‘t lacking strength, it’s lacking participation. As long as capital remains concentrated in a handful of AI winners, the index can keep grinding higher while most stocks struggle to keep up. That‘s usually not the most comfortable kind of rally.

@Bridge Buzz SG