Over the past month and week, the S&P 500 (SPX) stayed mostly flat overall, but bigger differences appeared among major US mega-cap stocks beneath the surface.

Over the past month, and particularly in the last week, the SPX has continued to give the impression of a relatively stable and range-bound market at the index level, according to SRP Greeks data . However, beneath that calm surface, there has been a noticeable increase in differences between individual large-cap US stocks, especially names like Nvidia and Tesla. SPX + Nvidia + Tesla Delta – Monthly Source: SRP Greeks Across April, the overall market moved in a controlled way rather