That would sure align with the technicals (a marginal new high on the daily charts of SPY (which happened today) and QQQ (close but hasn’t popped the July highs yet) to extend the divergences that were already in place at those previous highs, followed by a reversal & ultimately a break of the uptrend lines off the Dec 24th lows & QQQ & XLK to trigger some high-probability sell signals.

Retail Sales out tomorrow at 8:30, Industrial Production Tue at 9:15 & then the FOMC announcement Wed at 2pm so quite a bit of potentially market-moving items within the next week.

Yes, I spoke to that in recent videos earlier this week, the fact that I noticed a lot of low-quality stocks rallying while the mega-caps & many market-leaders underperformed. (underperform doesn’t necessarily mean falling, just going up less, staying flat or going lower). Usually, it’s not a good sign once money starts rotating out of the leaders, especially into low-quality stocks but a few days does not make a trend nor has QQQ or XLK broken down below the Dec 24, 2018 uptrend lines yet. The charts indicate that is likely coming soon but first things first & that seems to be that the $NDX wants to make a run at the July highs at which point we’ll soon know whether the pattern of a marginal new high followed by a sharp correction, as has been the case in recent years, continues or not. I think I will but only time will tell.