Yuriy Matso says the Nasdaq is diverging from the S&P 500, a potential sign of market leadership rotating or an early warning of broader shifts. The backdrop is

Yuriy Matso says the Nasdaq is diverging from the S&P 500, a potential sign of market leadership rotating or an early warning of broader shifts. The backdrop is notable: VIX futures remain in contango even as margin debt relative to M2 sits near historic peaks.