S&P 500 Heat Map This heat map is really mixed, but the mega-cap moves are what stand out the most. The biggest drag is clearly $AAPL. It is down 9.12%, and because it is such a massive weight in the index, that alone can make the tape feel much heavier. On the other side, $AMZN is ripping higher, up 14.08%. That is the biggest bright spot on the board and is helping offset some of the pressure from $AAPL. Communication services also looks strong with $GOOGL up 3.85%, $GOOG up 3.72%, and $META up 1.51%. So even though the market has some ugly pockets, it is not all risk-off. Tech is split. $NVDA is green at +0.86%, $AMD is up +1.08%, $INTC is up +2.10%, and $AMAT is up +2.64%, but $AAPL is down big and $MU is red. Software is also pretty messy with $MSFT slightly green, but names like $APP, $PLTR, $NOW, $IBM, and $PANW are weaker. Healthcare is not helping much today either. $LLY is down 2.72%, $ABBV is down 2.12%, $SYK is down 7.13%, and a lot of the group is red or flat. Energy is also weak, with $XOM down 2.88% and most of the group leaning red. The better pockets outside of $AMZN and communication services are some semis, parts of financials, and a few industrial names. But overall, this map is not clean. My quick read: This is a very stock-specific tape. $AMZN, $GOOGL, $GOOG, and parts of semis are helping, but $AAPL is such a big drag that it makes the whole market feel uneven. Add weakness in healthcare and energy, and it is hard to call this broad risk-on. So I’d call this selective strength with major mega-cap rotation. Some big names are working, but the market is definitely not moving together. The @unusual_whales heat map is great for this because you can see the story fast. $SPY might not tell you the whole picture, but the map shows right away that $AMZN and communication services are carrying while $AAPL is weighing hard. Save 10% on your annual or monthly @unusual_whales subscription using my link below: https://t.co/cNSsGRMLi1