When you go back and study every bull market over the past century, one thing shows up again and again — Technology tends to be one of the most consistent leadership groups.
And that pattern is starting to show up again.
Technology is breaking out to all-time highs relative to the S&P 500—finally clearing the dot-com bubble peak after 26 years.
That’s a major structural level that acted as resistance across multiple cycles.
This is the kind of behavior you typically only see in stronger market environments — when investors are leaning into risk, not away from it.
