Charting the meme mania: Single-stock performance obscures risk below the surface

Market Trends & Observations - Meme stocks and quantum stocks' parabolic moves tend to revert in equal and opposite fashion [3] - Modest weakness is creeping through non-parabolic areas of the market [5] - Rotation into more defensive parts of the market, such as REITs and healthcare, is observed [8] Technical Analysis & Indicators - The market has gone 121 straight trading days (approximately 6 months) without testing the 50-day moving average [5] - Historically, longer streaks without testing the 50-day moving average ended around the 140-150 day mark [5] - Gold's peak on Monday was about 28-30% above the 200-day moving average, the widest spread in about 20 years [11] Future Outlook & Potential Risks - A test of the 50-day moving average is likely, which could feel painful given the steady uptrend since April [6] - Earnings from the largest companies are crucial for the overall market [9] - Gold may experience one more leg lower to test the 50-day moving average, but the structural uptrend for metals is still intact [12]