Chart of the Day - Thursday, September 15th, 2022

Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts). It's a ratio chart of the Technology Sector relative to the S&P 500 ($XLK/$SPX). Tech is down more than 25% YTD, making it the second worst sector in the S&P 500. This is a problem considering Tech represents 26% of the S&P 500, and 50% of the Nasdaq 100. It broke down to new 15-months lows on a relative basis today, below a shelf of support that has been in place for 5 months. It's going to be hard for the major indices to make any progress if Tech continues to underperform.