Weakness in the technology sector continues to rattle the markets as growth stocks get hit.
Today we take a look at the relative strength (or lack thereof) of the Nasdaq Composite by looking at its ratio to the S&P 500 Index.
As most of you are aware, we’ve shared this chart before, giving warning to the bulls, early this month.
So far, what we’ve shared in the past, continues to play out in similar fashion to the 2000 pattern. Whether it’s a repeat or a fractal (rhyme) doesn’t matter.
A pattern is a pattern and this has been calling for caution since support broke. And selling in tech stocks appears to be picking up. Is a “waterfall” in tech stock playing out? Stay tuned!
This chart was first written for See It Markets.com. To see the original post CLICK HERE.