Title: Weekly S&P500 ChartStorm - 14 June 2026 Show: The Weekly ChartStorm (chartstorm.info) Author: Callum Thomas (Founder & Editor, The Weekly ChartStorm; Head of Research, Topdown Charts) Date: 2026-06-14 URL: https://www.chartstorm.info/p/weekly-s-and-p500-chartstorm-14-june Note: Written Weekly S&P500 ChartStorm post, saved verbatim. Prose/charts article — no (mm:ss) timestamps. Body reproduced as published (chart-source credit lines kept).
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This week: space for a sell-off, buying the dip, bullish broadening and rotation, the big and the small, SpaceX IPO, space sector stocks, the big sector skews...
Welcome to the latest Weekly S&P500 #ChartStorm!
Learnings and conclusions from this week's charts: - The sell-off looks to have run its course. - Leveraged long ETF traders bought the dip. - The equal-weighted S&P500 already made new highs. - Small caps are also gaining in absolute and relative terms. - The SpaceX IPO is a key milestone for the Space Sector.
Overall, the short-sharp-sell-off looks to have largely run its course, and dip-buyers were there for it. Adding to the optimistic case, we're seeing signs of bull market broadening and bullish rotation (small caps and the equal-weighted index).
1. Space for a Sell-off: some might argue this was a "SpaceX sell-off" i.e. stocks dipping as investors trimmed positions to raise funds to participate in the the IPO and/or establish positions on the day [particularly for fund managers who have or will have SPCX in their benchmark].
Either way, it looks like a healthy sell-off at this point: the index barely approaching key supports around the 50-day average and the 7200-level, and market breadth trending up (culminating in a bullish divergence — a lower low on the index vs a higher low on the 50dma breadth indicator).
Source: MarketCharts.com
2. Leveraged-Long the Dip: and because we're in a raging bull market with an almost frantic sense of greed, we've seen heavy trading in leveraged-long US equity ETFs. This seems to be a smart money indicator (albeit they were a bit early in late-2021), so maybe the space-sell-off has run its course.
Source: Topdown Charts Professional
3. Meanwhile RSP new All-Time High: further to the bullish breadth divergence, another broadening-bull sign is RSP (equal-weighted S&P500) making fresh all-time highs on Friday.
Source: @nanotitan28
4. Small Caps Too: similarly, US small caps also chalked-up a new all-time high on Friday (which followed a bit of consolidation in recent weeks).
Source: @AmandaZmolek
5. Rotation Stations: and small caps have clearly turned the corner relative to Mag-7, this is a very promising sign for broadening of the bull market and potential bullish rotation (which is basically where you get previously weak and overlooked parts of the market playing catch-up [and the index bulls on] rather than previously overheated and overhyped parts of the market catching-down [and the index breaks down]).
Source: @scottcharts
6. The Bigs and the Big-Nots: one reason to think about rotation is the risk and opportunity that this chart represents. On the risk side the largest stocks are very expensive (therefore at risk of disappointing vs high expectations), while on the opportunity side the smaller stocks are basically cheap (with upside risk vs subdued expectations). At the moment the valuations and technicals align when it comes to rotation.
Source: Topdown Charts Professional
7. Big T: speaking of bigs, here's the biggest of the bigs — there are now 12 big-T (trillion dollar market cap) stocks in the US (up from 11 as of Friday).
Source: @charliebilello
8. SPCX: speaking of Friday, SpaceX managed a +19.22% pop on its debut.
Source: @SpaceInvestor_
9. The Rise of the Space Sector: by my calculations the US space sector went from just over 0.2% of total US market cap on Thursday to about 3% on Friday (and now is larger than the legacy aerospace and defense sector). It's probably going to be a bumpy ride, but this looks like the birthing of a new and important sector in the Stockmarket.
Source: Topdown Charts Professional
10. Space Stock Crash: following the equal-weighted space stock index* peak on the 28th of May, the 10 stocks in this index are now down an average -32% (after dropping an average -12% on Friday). There's probably a bit of buy-the-rumor-sell-the-fact going on with the SpaceX IPO bolstering the sector, but probably also a bit of people selling SpaceX proxies and buying SpaceX itself.
If I had to guess though the SpaceX listing will probably be longer-term bullish for Space Stocks as a whole (by raising more attention/awareness to the sector, and attracting more active and passive fund flows over time).
Source: [originally in: Chart Of The Week]
*RKLB, LUNR, RDW, VOYG, ASTS, PL, FLY, SPIR, BKSY, SATS
Thanks for reading, I appreciate your support! Please like/comment/share.
Portfolio Strategy Notes — Sector Skews
Tech + tech related stocks are now close to 2/3rds of US total market cap (i.e. Tech + communication services + consumer discretionary [lumping those together to correct for the GICS changes that spun tech companies out into those sectors]). Meanwhile defensives are phasing out to obscurity, and traditional cyclicals (materials, industrials, energy, financials) are likewise languishing.
This is an interesting development because when you see defensives (utilities, healthcare, staples) drop-off like this, it tells us we're late in the cycle [i.e. take note of how the black line moved during the peak of the dot com bubble vs the depths of the financial crisis].
But it's also important because investors in cap-weighted index funds are now basically all-in on tech, and underexposed to diversification and defense (and they probably don't know it).
But it also reflects how earnings weights have changed through the cycle and over time. And the bullish argument is that traditional cyclicals have shown us that it is possible for tech's share of earnings to go even higher from here.
But back on the defensives aspect, the earnings-share chart also gives some clues as to why they are called defensives — during a downturn defensives' earnings just plod along (people still pay utility bills, buy toilet paper, and need healthcare regardless of what the economy is doing). So defensives' earnings outperform (by just plodding along) and that's why defensives also outperform in relative stock price terms.
And again, there's also cycle information in the earnings share chart. You see defensives' earnings share probe the lows late in the cycle, and spike during downturns. It's not an imminent risk signal, but it is prompt ponder plans and strategy for the next phase in the cycle.
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Best wishes, Callum Thomas Founder & Editor of The Weekly ChartStorm and Head of Research at Topdown Charts