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.

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