The market is undergoing some corrective action today, with breadth running at the worst levels in quite a while. There are around 2200 stocks advancing to 5800 that are declining. There are few pockets of safety as growth stocks, cryptos, biotechs, chips, and financials are weak. Even the momentum in EVs is cooling off today.
The indices are understating the level of weakness primarily due to just one stock - Apple (AAPL) . The Apple chart is actually quite attractive and is working on a breakout move. It could use more volume, but this is the sort of pattern and name where institutional investors will look to park some cash while the market goes through a consolidation phase.
One of the ironies of parking money in FATMAAN names is that it creates strength in the indices that covers up weaker action in the broad market. For example, today, the Russell 2000 ETF is trading down 1.3%, but the Nasdaq 100 ETF is close to flat.
I don't typically spend much time looking at slower-moving big-caps like AAPL, but I can see the appeal of this chart if someone is worried about a deeper correction in small-caps.