here’s how powerful the XLP/SPX ratio is …
below are a couple intraday charts of the “ratio” of XLP/SPX.
note, ALL the major inflections (even intraday) are equal/opposite the overall market.
so, where does that leave us? Well, you can see a minor buy pattern (two blue triangles) but I favor lower where the .618/.786 overlap. If/when this ratio hits that level I would be a seller of the SPX.