The market's rally is broadening: The S&P 500 equal-weight ETF, RSP, has outperformed the S&P 500 ETF, SPY, by +5.0 percentage points so far in June, on track for its best monthly outperformance since 2009. That would also mark RSP's 2nd-best month relative to SPY in at least 23 years. This comes as RSP is up +1.9% month-to-date while SPY is down -3.1% over the same period. This week alone, the equal-weight ETF, RSP, outperformed the S&P 500 ETF, SPY, by +3.4 percentage points, the largest weekly outperformance since the 2020 pandemic. As a result, the 52-week correlation between the S&P 500 and the S&P 500 equal-weighted index is down to 0.90, from 0.97 in 2022, the lowest since 2003. Mega-cap tech leadership is taking a breather.(The Kobeissi Letter)