The Ratio support remains … August 16, 2026

I continue to trust the ratio of the XLP/NYA. It is still above support … until that level breaks down I do warrant caution.

So I took a look at the S&P 500 and, sure enough, the S&P 500 has been a beast against the XLP BUT we are at a key level and measured move so I see support in the ration – rotation into the staples or risk OFF – here or a little lower.

So …I think we will have a trigger or moment that will give the market the juice to either explode higher or take a breather – which could be pretty volatile. So, we’ll see …