Callum Thomas — Weekly S&P500 ChartStorm — 14 June 2026 (Chart Storm)

One-line take: A market-breadth / macro ChartStorm. The week's short-sharp sell-off "looks to have run its course" — the index only barely tested the 50-day average and the 7200 support, and breadth printed a bullish divergence (a lower low on the index against a higher low on the 50dma-breadth gauge), while leveraged-long ETF traders bought the dip (a "smart money" tell). The bigger story is bull-market broadening and rotation: the equal-weight S&P 500 (RSP) and US small caps (IWM) both hit fresh all-time highs Friday, and small caps "turned the corner relative to Mag-7" — with valuations and technicals now aligned ("bigs expensive, small caps cheap"). Friday also brought the SpaceX IPO (SPCX, +19.22% on debut), which Thomas reads as "the birthing of a new sector": the US space sector jumped from ~0.2% to ~3% of market cap and is now bigger than legacy aerospace & defense. The 10 listed space-stock proxies crashed (-32% avg from the May-28 peak, -12% Friday) on buy-the-rumor-sell-the-fact / SpaceX-proxy rotation, but he thinks the listing is longer-term bullish for the sector. A closing Sector Skews note: tech-plus is now ~2/3 of US market cap and defensives are "phasing out" — a late-cycle tell, and a hidden concentration risk for cap-weight index investors.

1. Stocks & names mentioned

Ticker	Name	Research	View	What's said	At
SPCX	SpaceX (newly listed)	QT · SA · STK · FA	Positive	SpaceX IPO'd Friday with a +19.22% pop on its debut — "a key milestone for the Space Sector." Thomas reads the listing as "the birthing of a new and important sector": US space went from ~0.2% to ~3% of total market cap on the day. "The SpaceX listing will probably be longer-term bullish for Space Stocks as a whole" (more attention/awareness, more active & passive fund flows over time).	article ↗
RSP	Invesco S&P 500 Equal Weight ETF	QT · SA · STK	Positive	The equal-weighted S&P 500 made fresh all-time highs on Friday — another broadening-bull sign on top of the bullish breadth divergence. Confirms participation beyond the mega-cap leaders.	article ↗
IWM	iShares Russell 2000 ETF (small caps)	QT · SA · STK	Positive	US small caps also chalked up a new all-time high on Friday (after recent consolidation), and have "clearly turned the corner relative to Mag-7" — a promising sign of broadening / bullish rotation (overlooked names playing catch-up). Valuations and technicals align: bigs expensive, small caps cheap.	article ↗
RKLB	Rocket Lab USA	QT · SA · STK · FA	Neutral	A component of Thomas's equal-weighted space-stock index, which is down an average -32% from its 28-May peak (-12% Friday) — buy-the-rumor-sell-the-fact around the SpaceX IPO, plus some selling of SpaceX proxies to buy SpaceX itself. Observational; sector longer-term bullish.	article ↗
LUNR	Intuitive Machines	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
RDW	Redwire	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
VOYG	Voyager Technologies	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
ASTS	AST SpaceMobile	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
PL	Planet Labs	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
FLY	Firefly Aerospace	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
SPIR	Spire Global	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
BKSY	BlackSky Technology	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗
SATS	EchoStar	QT · SA · STK · FA	Neutral	A component of the equal-weighted space-stock index (-32% avg from the 28-May peak, -12% Friday) — caught in the post-IPO buy-the-rumor-sell-the-fact / SpaceX-proxy rotation. Observational.	article ↗

"View" is Thomas's stance in this weekly chart-survey, not a buy/sell call. The constructive names are the breadth/broadening signals — equal-weight RSP and small-cap IWM at new highs — plus the newly listed SPCX (SpaceX), which he frames as longer-term bullish for the space sector. The 10 space-stock-index components (RKLB, LUNR, RDW, VOYG, ASTS, PL, FLY, SPIR, BKSY, SATS) are tabled as Neutral/observational — he is describing the -32% sector crash and the buy-rumor-sell-fact dynamic, not making per-name calls. Group references ("Mag-7", the "12 trillion-dollar stocks") are talking-point context, not tickers. Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis. The "At" links open the post (written, so no per-name timestamps).

2. Talking points

1. Space for a sell-off — a healthy dip with a bullish breadth divergence

The week's pullback may have been a "SpaceX sell-off" — investors trimming positions to raise cash for the IPO (and fund managers establishing SPCX positions for their benchmarks).
It looks healthy: the index barely tested the 50-day average and the 7200 support, and breadth trended up — culminating in a bullish divergence (a lower low on the index vs a higher low on the 50dma-breadth indicator).

2. Leveraged-long the dip — a "smart money" tell

In a "raging bull market with an almost frantic sense of greed," there's been heavy trading in leveraged-long US equity ETFs.
Thomas treats that as a smart-money indicator (though "a bit early in late-2021") — supporting the view that the space-driven sell-off has run its course.

3. RSP at a new all-time high — broadening confirmed

Reinforcing the breadth divergence, the equal-weighted S&P 500 (RSP) made fresh all-time highs on Friday — another broadening-bull signal.

4. Small caps too — fresh all-time high

US small caps also chalked up a new all-time high on Friday, after a stretch of consolidation.

5. Rotation stations — small caps turn the corner vs Mag-7

Small caps have clearly turned the corner relative to Mag-7 — a very promising sign of broadening / bullish rotation.
Bullish rotation = previously weak/overlooked parts playing catch-up (and pulling the index along), rather than overheated parts catching-down (and breaking the index).

6. The bigs and the big-nots — valuations and technicals align

One reason to expect rotation: the largest stocks are very expensive (at risk of disappointing high expectations), while the smaller stocks are basically cheap (upside vs subdued expectations).
"At the moment the valuations and technicals align when it comes to rotation."

7. Big T — now 12 trillion-dollar stocks

Speaking of the bigs: there are now 12 "big-T" (trillion-dollar market-cap) stocks in the US — up from 11 as of Friday.

8. SPCX — SpaceX pops +19.22% on debut

SpaceX IPO'd Friday with a +19.22% pop on its debut — a marquee listing and "a key milestone for the Space Sector."

9. The rise of the Space Sector — ~0.2% to ~3% of market cap overnight

By Thomas's calculations the US space sector went from just over 0.2% of total US market cap on Thursday to about 3% on Friday — now larger than legacy aerospace & defense.
"Probably going to be a bumpy ride, but this looks like the birthing of a new and important sector in the stock market."

10. Space stock crash — buy-the-rumor-sell-the-fact

Following the 28-May peak in the equal-weighted space-stock index, its 10 components are down an average -32% (after -12% on Friday).
Read as a mix of buy-the-rumor-sell-the-fact around the IPO and selling of SpaceX proxies to buy SpaceX itself — but Thomas thinks the listing is longer-term bullish for space stocks (more attention, more active & passive flows over time).
Index components: RKLB, LUNR, RDW, VOYG, ASTS, PL, FLY, SPIR, BKSY, SATS.

Sector Skews — tech-plus ~2/3 of the market, defensives phasing out (late-cycle tell)

Tech + tech-related (tech + comm services + consumer discretionary, lumped to correct for GICS spin-outs) is now close to two-thirds of US total market cap; defensives are "phasing out to obscurity" and cyclicals are languishing.
When defensives (utilities, healthcare, staples) drop off like this it signals we're late in the cycle (compare the dot-com peak vs the depths of the GFC).
Cap-weight index-fund investors are now basically all-in on tech and underexposed to diversification/defense — "and they probably don't know it."
The earnings-share chart cuts both ways: tech's earnings share could rise further (cyclicals show it's possible), but defensives' earnings just "plod along" in downturns — which is why defensives outperform when it matters. Defensives' earnings share probing the lows late-cycle is "not an imminent risk signal," but a prompt to ponder plans for the next phase.

3. In plain English

Plain-language notes on the names with a genuinely argued view. The 10 space-index components share the space-sector context below. (Renders on each ticker's consolidated page.)

SPCX — SpaceX (newly listed) Positive

SpaceX — Elon Musk's rocket company, long the most valuable private startup in the world — finally went public on Friday under the ticker SPCX, and the stock jumped about 19% on its first day. Thomas's point isn't really a call on the stock's price; it's about what the listing does to the market. Because SpaceX is so big, adding it to the public market single-handedly took the entire "space sector" from a rounding error (~0.2% of all US stock value) to a real, investable chunk (~3%) overnight — making space bigger than the old aerospace-and-defense group. He calls this "the birthing of a new sector": once a sector is that visible, index funds, ETFs and active managers are forced to pay attention and allocate money to it over time, which he expects to lift space stocks as a group over the long run.

RSP / IWM — Broadening & rotation Positive

For a long time the market's gains have come from a handful of giant tech stocks ("Mag-7"). The healthy alternative is for the rest of the market to start participating too — what Thomas calls "broadening." Two simple signals say that's happening: RSP (an S&P 500 fund that weights all 500 companies equally, so it ignores the giants' dominance) just hit a record high, and so did IWM (small-company stocks). When the average stock and the little guys are also making new highs — not just the megacaps — the rally rests on a broader base, which is sturdier.

He adds a rotation case: the biggest stocks are expensive (lots of good news already priced in, so easy to disappoint), while smaller stocks are cheap (low expectations, room to surprise). With small caps now also outperforming the megacaps, "valuations and technicals align" — meaning both the fundamentals (cheapness) and the price action (new highs, turning up versus Mag-7) point the same way. That's the setup for money rotating out of crowded megacaps and into overlooked smaller names.

Space-stock index — RKLB · LUNR · RDW · VOYG · ASTS · PL · FLY · SPIR · BKSY · SATS Neutral

These ten are the publicly traded "space stocks" investors had been buying as proxies for the space theme (and as a way to bet on the SpaceX IPO). As a group they ran up hard into late May, then crashed — down about a third from their 28-May peak, including a 12% drop on the very day SpaceX listed. Thomas explains it as classic "buy-the-rumor, sell-the-fact": people bought ahead of the big IPO, then sold once it actually happened — and some sold these proxies specifically to buy the real thing, SpaceX (SPCX), instead. He's describing the crash, not making individual calls on these names; his bigger-picture view is that the SpaceX listing should be good for the whole space sector over time even if the ride is bumpy. The same plain-English read applies to every component (LUNR, RDW, VOYG, ASTS, PL, FLY, SPIR, BKSY, SATS).

Key points & figures extracted from the public Chart Storm post (in transcript.txt) for personal study. Not investment advice. © Chart Storm / Topdown Charts for source material.