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.
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