hard · Volume Spread Analysis supply-demand-smart-money

According to the principle of 'Market Rotation,' why might a major market index continue to make marginal new highs even after early-cycle sectors like technology have begun their mark-down phase?

  1. The index is weighted toward the strongest stocks, which are always the last to be accumulated.
  2. Weak holders in late-cycle sectors panic-sell, which perversely drives the index higher due to liquidity.
  3. High volume in the futures market forces the cash index to follow regardless of individual stock distribution.
  4. Professional distribution rotates through sectors, and late-cycle sectors like consumer staples prop up the index while others fall.

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