There is a rotation going on out there. I am noticing some bad looking charts developing in the remote work/communication areas and Tech in general, while the more cyclical stuff gets the rotated bid. Stuff like Financials, Materials, etc.
Technology, which has been blowing off leadership-wise, appears to be getting cast aside as the machines buy up the sectors that would benefit from a recovering economy. It remains to be seen what this is (real or Memorex, a ‘play’ or a new trend?) but it’s clear that items like post-crash leaders DOCU, OKTA, FTNT, ZS and others are getting whacked. Lesser lights in that play like PLAN, WORK and SMAR are even worse.
Just an FYI on something you may have already taken note of.
