Checking the US Market Leadership Chain

The leadership chain of SOX → NDX → SPX was noted to be wobbling on its front end in NFTRH 588’s Market Internals segment. It had just gone to neutral (blue) after months in the green (bullish) as SOX abdicated leadership to NDX.

Here is the chart as it was on Sunday, preceded by some words…

Well, in this sentiment driven market you never take any single indicator in a vacuum (SOX>NDX>SPX is one of 13 different internals bullet points we review and color code each week) and you certainly don’t take it before it is confirmed. As of today the back end, NDX/SPX is still zooming upward and the front end, SOX/NDX is trying to hold a logical recovery point.

sox ndx

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