The S&P 500 is showing strong performance across various sectors, with both large- and small-cap real estate sectors nearing 52-week highs. As of August 27, 2024, 52% of S&P 500 members in the real estate sector achieved new 52-week highs, marking the highest level since December 2021. The financials sector, represented by the ETF symbol $XLF, is at an all-time high, with 31% of its members reaching new three-month highs. Additionally, the trailing 30-day correlation between the technology sector and the S&P 500 has reached its highest level since March 2023, indicating a robust relationship between these markets. Analysts note that the trailing 30-day S&P 500 sector price return correlations have returned to their long-run averages, suggesting resilience in the current U.S. equity bull market. The technology, telecom, and healthcare sectors collectively accounted for 45% of global equities as of July 2024, a level reminiscent of the dot-com bubble. This concentration is raising concerns about potential market volatility, although some analysts suggest a rotation into less concentrated stocks may be underway.