Is an important Tech stock indicator double topping and about to send the first bearish message in months?
Joe Friday suggests it is possible!
This chart looks at the Nasdaq 100/S&P ratio on a weekly basis. The trend has been strongly higher for months, reflecting tech’s impressive strength when compared to the S&P 500.
It is possible over the past 9-weeks that the ratio has been creating a double top at (1), while momentum has been reflecting that a bearish divergence, creating lower highs at (2).
Joe Friday Just The Facts Ma’am; A break of support at (3), would send a negative message to tech stocks and the S&P 500!
