Daily Report : Two sides of the S&P 500 - total return vs. equal weight; SPY stretches far above its average traded value

The S&P 500's total return index, which includes dividends, has hit a new all-time high. The equal-weight version of the index, which puts all of the stocks on equal footing, is still more than 7% below its own high. This has only happened on four other days in 30 years, in late 1999 and early 2000.; The S&P 500 ETF, SPY, has stretched more than 11.5% above its Volume-Weighted Average Price (VWAP) over the past 250 sessions. This is a large deviation from its trend, one of the few times in 25 years it has rebounded from far below average to far above it.

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