S&P 500 Holds Near 7,584 as Half Index Priced Above 10x Sales

The S&P 500 is holding near 7,584 after setting fresh records above 7,600 and logging a nine-day winning streak. Strong Q1 revenue growth of +11.3% y/y, led by technology at +30.3%, fueled the advance and a 44.6% 10-week tech surge. However, extreme concentration—with IT near 40% of the index—and deteriorating breadth for six sessions have triggered repeated warnings. BTIG’s Krinsky highlights an RSI of 82 and valuations ~28% above the 200-day MA, while the Shiller CAPE near 41 and more than half the index’s market cap trading above 10x sales signal elevated pullback risk despite solid fundamentals.