Four ratio charts I'm watching over the next few days/weeks are
the SPX:VIX, RUT:RVX,
NDX:VXN, and AAPL:NDX, in order to measure
relative strength, as shown below.
At the moment, they are trading in
between resistance and support levels of one form or another. The major support
level is represented by the broken horizontal blue line. The first three are
trading just above this major support level, while the AAPL:NDX ratio pair is
below and trading lower. The Momentum indicator is still below zero on all four,
signaling lingering relative weakness of the SPX, RUT, and NDX to their
respective Volatility Index and of AAPL to the NDX.
Unless we see a
stabilizing of the AAPL:NDX ratio pair, we may see any further decline in AAPL
produce a drag and, possibly, a decline in the SPX, RUT, and NDX