Fundstrat's Mark Newton Says S&P 500 Would Have Fallen 5% to 6% in September Without Tech

Mark Newton says the S&P 500 would have fallen 5% to 6% in September without tech.
He thinks technology's weight in the market is masking much broader weakness underneath:
- On an equal-weighted basis, the S&P was down, while tech helped the headline index finish near all-time highs
- Invesco QQQ ($QQQ) still posted a new monthly all-time high close, reinforcing the strength of technology leadership
- Tech makes up roughly 30% of the S&P and is driving the majority of profits, which Newton sees as a reason for optimism
Source: Fundstrat ()