NDX Possible beginning of long term w5? NDX/SP500 RATIO topped off at the same level it did before the tech bubble bursting. what's this mean? Well the NASDAQ 100 is overweighted to industry top performers, tech, healthcare, consumers, etc...as opposed to the SP500 that's more dispersed. So in the NDX/SP Ratio, it would make sense that as the ratio tops off, the turning point is when the numerator decreases as the NDX falls and the denominator does a lagged push as the SP500 rises, this carves out a ratio top, once the SP500 catches up and pannic sets in, the NDX/SP500 should fall as both indices fall at relative but decreasing ratios.