The XLV/SPY ratio has not bottomed, so stocks have not topped
To this day at least, there is no sign of a market top by the XLV/SPY ratio indicator. XLV/SPY bottomed and turned up to lead two legit bear markets and the bear market (that wasn’t) in 2022. In not having turned up, well, you get the point. There’s a lotta bull out there.
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