Large-cap tech continues to drive the S&P 500 higher, but, beneath the surface, market leadership is narrowing. Frank Cappelleri breaks down where money may be rotating next and which sectors are starting to set up.

Frank analyzes the market’s next phase as leadership narrows and rotation quietly becomes the focus. He explains how large-cap tech—especially semiconductors—has driven the S&P 500 higher even as breadth has weakened. Frank highlights emerging setups in energy, financials, and pharmaceuticals, along with bullish patterns that signal where capital may shift next. He also reviews commodities and crypto as potential confirmation areas, outlining what needs to happen for the rally to broaden and sustain.

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00:00 - Welcome
00:39 - S&P 500 $SPX Patterns
04:17 - GoNoGo Trend
05:56 - Longer Term
07:35 - Breadth
11:52 - Commodities

SECTORS
14:24 - XLE vs. SPX, XLI, XLF

18:54 - PJP, IGV, Bitcoin, ETH


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