Spreader's delight. the Long NQ, Short ES spread continues to work in favor of the tech bulls.
NQ notably weaker than ES - could be the start of a new trend. Change of character in the markets for now.
$NQ_F short vs $ES_F long spread may begin working again. First sign of consolidation in a long time.
We have retraced the relative strength of Tech vs the Broader S&P index since Jackson Hole in 2022.
