was a tame 0.2% m/m.) Technicals: the divergence trade. QQQ's new high against SPX chop (ADX 9.06 — no trend to speak of) with money flow split — QQQ CMF +0.117

was a tame 0.2% m/m.) Technicals: the divergence trade. QQQ's new high against SPX chop (ADX 9.06 — no trend to speak of) with money flow split — QQQ CMF +0.117 vs SPX −0.050. This is an AI/semiconductor-concentrated rally with weak breadth, rate-sensitive by construction: if the leaders wobble, the…