Ratio chart of SPY to AGG (iShares Core U.S. Aggregate Bond ETF--the most widely held bond ETF)...i.e. SPY/AGG). Shows bearish forming saucer (or rounding top) in SPY against AGG...i.e. that risk-on (SPY) looks to be putting in top against risk-off (AGG). Also has bearish RSI divergence. See top in 2007 for similarities.
Ratio chart of iShares Core U.S. Aggregate Bond ETF (AGG--the most widely held bond ETF) to SPY (i.e. AGG/SPY). Shows bullish forming saucer (or rounding bottom) in AGG against SPY...i.e. that risk-off (AGG) looks to be putting in bottom against risk-on (SPY). Also has bullish RSI divergence. See bottom in 2007 for similarities.
Here's 65 min. chart of ratio between QQQ/PSQ. Shows QQQ up vice PSQ (inverse of QQQ), but w/a declining RSI and at previous resistance/top. Something to ponder for longs---will this A. breakout up, B. make a failed breakout or C. simply move up through resistance (and continue trend) or bounce off down from resistance. TBD.
IBB violates horizontal trendline from breakout. Will it result in a failed breakout, thus leading to much downside to come, or will it rally above and beyond to new highs? Of note is IBB's failure to push back above trendline (see arrow) today. FYI XBI (not pictured---is small cap biotech) faring a bit better than IBB as it hasn't violated breakout trendline ...