Stockcharts annotations are broken, so recall my previous chatter:
SPX PLUS SOME GROUPS HISTORICALLY CONSIDERED LEADING GROUPS:
IWM: When there's enough money sloshing around to buy the little-bitty companies, that's bullish. Most
smalls have no budget for buybacks, they have less exposure to trade wars, and IWM is pretty evenly weighted.
SMH ($SOX): SMH holds 26 stocks, pure tech, all semiconductors. XLK is pure tech, but it does not include FB, GOOG, GOOGL!! … while QQQ is just 65+% tech, depending on how you count it.
(trade wars hurt semis, a strong dollar hurts semis).
AI ($XBD): If the broker/dealers are making money, the market should be strong.
[Ouch, not today, thanks SCHW]
SPHB: If folks are buying the 100-highest-beta stocks, they'll buy anything. Risk-On if up.
This is LEADERS, 2 months, 60min. They’ve been leading down since about 9/20 (depending on which one you look at).
Exception: semiconductors are holding up the best (cleanest dirty shirt)