Courtesy of Chris Kimble.
When it comes to bull market strength, Tech gets the nod, as it has been stronger than the S&P since 2002 (see lover right chart below).
The 2-pack below, reflects that Tech is being given the opportunity to jump over key levels.
CLICK ON CHART TO ENLARGE
NDX 100 is testing highs hit back in 2000 at (1). Did the NDX 100 last month create a “Doji Star” topping pattern, back at 2000 highs at (1)?
At the same time the NDX is testing breakout levels at (1), the NDX/SPY ratio at (2) is testing the underside of dual resistance levels.
Tech is testing key breakout levels at (1) & (2) at this time. For the broad market to continue to set new upside records, it wants/needs tech to breakout and jump over these key levels!
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