If there has been widowmaker trade in US equities since the launch of the iPhone it has been trying to fade the QQQ over IWM trade. With MAG7 breaking out to new all time highs, the beginning of the next stage of AI with consumer agents and IWM suffering from fears over rates and oil, the Breadth warnings are everywhere. Long 7 companies vs short 2000 (1/8 the market cap!) equals bad breadth. The market structure has changed with the digital economy and it is accelerating now with AI. Adapt or die.