Chart of the Day - Monday, May 10th, 2021

Today’s Chart of the Day was shared by David Zarling (@AdaptivCharts). It's a ratio chart of the Nasdaq 100 vs. the S&P 500 ($QQQ/$SPX) over the past 1.5 years. David points out that the Nasdaq is breaking down relative to the S&P 500. This ratio has been chopping back and forth within a range for the majority of the past year. However, we decisively broke down from that range in today's session. In other words, don't be surprised if the tech-heavy Nasdaq continues to lag the S&P 500 in the weeks/months ahead.