Maybe? i removed the top players in this graph. I tried to weight the RSP to match today's SPX close roughly, then subtract one from the other, leaving only an inverted weighting--smallest players have weight while largest market cap goes to zero. here are the results. the bulk of the market died years ago?
This indicator shows relative strength of an equal-weighted sp500 w.r.t. the market capitalization weighted sp500. In bear markets, the market as a whole is doing well, and RSP does 100% better than SPX. However, if the ratio dips below 1.0, this is signs that a few big players are carrying the market.
n.b. i weighted by 30 for display purposes.
