As expected (see my last post here. equity has held up after a brief decline. I expect SPX to form a trading range here. Once the trading range matures, SPX could (I stress could) break down, assuming technical picture continues its current trajectory.
Agreed, seems like a major correction is on the way for some large tech stocks which have material impact on the index. The market is quite frothy in some places.
The cyclical stocks underperformed this year due to supply chain constraint should have more room to appreciate, this will somewhat limit the magnitude of the pull back at the index level.