Is this the ‘Powell top’? XLK (tech ETF) made a daily volume reversal today and Nasdaq futures (see below) topped a few ticks under channel resistance. This channel was resistance for the September top. From a very big picture perspective, I’ll note that the market cap of the 5 largest companies as a percentage of the S&P 500 is extreme (see 2 charts down). The 5 largest companies are all tech companies by the way. In other words, it’s a highly concentrated market. Historically, this is unsustainable.