US stock market leadership is intact
We noted in NFTRH that Semiconductor leadership was well intact, but overbought. That is being remedied now as SOX/NDX and SOX/SPX pull back.
Within Semi, the premier Semi Equipment stock, LRCX, is still in leadership mode, which I see as a positive as well, because the Equipment companies supply the Fabs that make the chips. i.e. they anticipate demand.
Big Tech (NDX) vs. the broad (SPX) has ticked a new leadership high after feigning a breakdown back in November. Ah the news-diddled, policy-stoked stock market, you gotta love it.
At this time the picture is normal to a still-bullish view.