The NDX has been extremely volatile and high-flying in comparison to the DJI. I believe this trend is set to reverse. With the rotation out of the lofty valuations of tech into quality companies with positive cash flow, war chests in their balance sheet to weather any storm and protect their dividend, and P/E ratios that aren't in nosebleed territory.
As you can see, every time we've had a sell-off recently, the DJI is affected much less than the NDX. As you can see on the 1-week chart, the NDX is flying high above the SPX and the DJI. This outperformance is not sustainable.
As the 10-year treasury passes the average yield of the SPX is 1.5%, the average yield of the DJI is 2.4% will look safer and more attractive as investors seek income since returns will be harder to squeak out. The DJI should begin to outperform both the SPX and the NDX.
Price range in blue= NDX Price range in gray= DJI
1-day chart with price drop range comparisons of NDX & DJI
4 hour charts with price drop ranges: with out
15-minute chart with price drop ranges
This is not investment advice, just a theory. Do your own due diligence and gauge your risk properly.