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 indices.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
please read my full Disclaimer at this link.
UPCOMING ECONOMIC EVENTS...
* Feb. 8-12 ~ Shanghai Index closed for Chinese New Year holiday
* Feb. 8-10 ~ Hong Kong Index closed for Chinese New Year holiday
* Wed. Feb. 17 @ 2:00 pm ET ~ FOMC Minutes
* Wed. Mar. 2 @ 2:00 pm ET ~ Beige Book Report
* Fri. March 4 @ 8:30 am ET ~ Employment Data
* Sun. March 13 ~ Daylight Saving Time begins for U.S. & Canada...click here for world times
* Tues. Mar. 15 ~ 2-day FOMC Meeting Begins
* Wed. Mar. 16 @ 2:00 pm ET ~ FOMC Announcement & Forecasts & @ 2:30 pm ET ~ Fed Chair Press Conference
* March 25 ~ U.S. markets & other world markets closed for Good Friday holiday