Cap weighted vs Equal Weight SPY at Extremes

Are the times when the cap wtd S&P500 is crushing the EW SPY also the times when SPY is most vulnerable? At present, you would have to go back to Q1 2009 to find a simliar ratio to today (using RSP as the EW SPY in comparison to SPY). Another period when this extreme was reached was 2020.
Technical IndicatorsTrend Analysis

Also on:

Disclaimer