It was another sluggish session on Monday, lethargic out of the gate until the closing bell. There was a defensive nature to trading, which rewarded Energy (XLE), Real Estate (XLRE), and Utilities (XLU). However, the biggest advancer was Micron Technology (MU).

There was only a tiny niche (large-cap, low volatility) to hide in during the session. By the same token, there weren't any disasters, either.

We get the Federal Open Market Committee (FOMC) minutes today, which should be compelling, as accommodative monetary policy is baked into all the higher S&P 500 (SPX) targets for 2026.

Today’s Session

The Trump administration approved chip-making tool exports from South Korea’s Samsung and SK Hynix, amid interest in tech names, especially in memory.

This, after Micron was the top-performing stock in the S&P 500 yesterday.

The Technology (XLK) trade is evolving, and that should not be confused with topping out.