- Leadership rotation began on 02/16 where Nasdaq-100 (QQQ) gave up its upside leadership role - Dow (DIA) is getting strong every day with a new high today - S&P stays in the middle - Market direction can be determined by looking at SPY to see if being dragged up or down - Downside power seems to be stronger with QQQ so be prepared for full-scale downtrend or sell-off