Small caps: The Russell 2000 just set a new record with 16 straight weak closes.
Pension rebalancing: US funds are modeled to sell $33 billion of equities into quarter-end.
Breadth divergence: The NYSE McClellan Summation Index hit a 2-year low while the S&P sits near highs.
AI buildout: Projected AI infrastructure spend could average 3.6% of US GDP a year through 2032.
Tech valuations: Today's IT bear market multiples look milder than prior boom busts.
Policy shift: Higher energy prices are pushing more central banks toward a hawkish stance.
