Stocks look to open lower to end the week as the 10-Year Note yield is surging again. That will put pressure on growth and technology to the benefit of my favorite cyclical groups like banks, energy, industrials, and materials. Since the Nasdaq 100 peaked on February 16, there has only been one single back-to-back day of gains. More than anything else, that tells you how every rally is being aggressively sold.

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However, look at small and mid-cap value below. Every whiff of weakness is being aggressively bought.

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On the index side, it’s basically the same with the Nasdaq 100 being the weakest and under siege with the Dow, S&P 500, S&P 400, and Russell 2000 behaving a whole lot better and at fresh all-time highs. The problem for the market is that the indices are overloaded with the overloved and over-owned tech stocks at the expense of what has been working since the October 30 bottom, value, and cyclicals. It’s the Classic Dichotomy as I recently wrote about.