[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$foTA4uRkt_7MP7A2-gG_nbTfajpis6rc45hJajJS9XI0":3},{"data":4},{"hidden_from_feed":5,"authors":6,"newsletter_list_id":8,"split_tested":9,"meta_default_title":10,"content_tags":11,"meta_default_description":12,"thumbnail_url":13,"created":14,"title":10,"audience":15,"subject_line":10,"email_capture_popup":9,"platform":15,"status":16,"displayed_date":8,"enforce_gated_content":5,"id":17,"preview_text":18,"publish_date":19,"slug":20,"web_url":21,"subtitle":18,"free_content_html":22},false,[7],"Nicholas Crown",null,true,"The $4B rally we’re waiting to fade",[],"Software led the market higher, but the move may be less durable than it looks. We break down positioning, volatility, metals, and the key levels shaping the market.","https:\u002F\u002Fbeehiiv-images-production.s3.amazonaws.com\u002Fuploads\u002Fasset\u002Ffile\u002F062f5734-6652-49a5-9717-f5f5bf7a457a\u002Fcrown_macro_cover__17_.png?t=1780278748",1780238502,"both","confirmed","post_528d00b2-959c-4b62-8c67-7feec480cac9","Software ripped, but the flow tells a different story.",1780304400,"the-4b-rally-we-re-waiting-to-fade","https:\u002F\u002Fletter.nicholascrown.com\u002Fp\u002Fthe-4b-rally-we-re-waiting-to-fade","\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> SPX notched a ninth straight weekly gain on Friday, closing at a record 7,580. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> The trap is in the names everyone's buying. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Our model already opened a new metals position and mapped how to play software from here. \u003C\u002Fp>\u003C\u002Fdiv>"]