Before the dot-com bubble burst in 2000, this occurred more than once: The Nasdaq-100 was rising while the S&P 500 was falling—specifically in August–September 1999 and February 2000. It appeared that leading internet and tech stocks were draining momentum from the broader U.S. market. The most recent occurrence of this same pattern was in December 2024, followed by a U.S. market pullback from February to May 2025. While this could be coincidental—given that Trump was imposing tariffs at the time— since the beginning of 2025, no such monthly divergence between NDX and SPX has reappeared; their monthly trends have moved in close sync. Instead, in July 2026, the Nasdaq-100 declined while the S&P 500 rose. Brother Bee has analyzed this multiple times: the market is deliberately avoiding a repeat of past patterns.