In prior commentary, we discussed the relative strength of the Nasdaq and the Nasdaq 100 (QQQ), and the weakness in small- and mid-cap stocks. The S&P 500 is in the middle, beating the little guys but trailing the higher-beta indices. The SPXEW (the equal-weight S&P 500) peaked in early May and has been flat ever since. Since early June, the S&P 500 has beaten the SPXEW consistently.