The S&P 500 Has a Big Problem — And It’s Not Commodities

Julius updates his portfolio framework using Relative Rotation Graphs, moving from asset classes to sectors. Commodities remain the strongest asset class, while SPY, government bonds, and corporate bonds lag the 60/40 benchmark. Materials, energy, and industrials lead while technology, financials, communication services, and consumer discretionary weaken. With large-cap sectors under pressure and SPY testing support near 675, Julius explains why downside risk is increasing for the S&P 500.

The video was originally published on February 19, 2026. Watch it on our dedicated page for Julius.

Past videos from Julius can be found here.