Chart of the Day - Friday, March 11th, 2022
March 11, 2022
Today’s Chart of the Day was shared by Chris Verrone of Strategas Research (@verrone_chris). It's a ratio chart of the Nasdaq 100 vs. the S&P 500 over the past four years ($QQQ/$SPX). The Tech-heavy Nasdaq continues to struggle on both an absolute and relative basis, with this ratio closing at a fresh 52-week low today. This ratio began stalling over a year ago, right near the dot-com bubble highs. Chris points out that the Nasdaq continues to look like it has formed a long-term top relative to the S&P 500. We broke below that red support line today. If we don't reclaim that level soon, Tech/Growth will likely continue to underperform.