Bullish Rotation Intact as Tech Risks Linger

TopdownCharts
02-24

Learnings and conclusions from this week’s charts:

1. Bullish rotation remains in play.

2. Tech stocks still look troubled.

3. AI spillovers are helping (already bullish) commodities.

4. Newspaper stocks present a case-study in disruption.

5. Commodity stocks (as a group) look good.

Overall, the US tech vs non-tech and US vs global bullish rotations remain in play, this is helping make the tech troubles less of an issue at the index level.

There is a risk that gives way to broader downside if tech breaks down, so it’s worth keeping close tabs on tech (among other things…)

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2603(ESmain)$ $Cboe Volatility Index(VIX)$ $Invesco QQQ(QQQ)$

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