DB: At the end of May, we argued that the setup pointed to a slower choppier grind up or even a pause along with a rotation into sectors and regions that have lagged, as the demand-supply backdrop for equities remained favorable but large-cap Tech positioning was clearly stretched.

So far in June, large-cap Tech is down significantly, dragging the S&P 500 down modestly even as two-thirds of the overall stocks and industries are up, as are small- and midcaps.