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Important Tech Indicator Looks To Be Double Topping, Says Joe Friday!

Courtesy of Chris Kimble

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!

 

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