TECHNICALS-NDX/SPX

Not sure if anyone is noticing but what I have seen lately is the SPX starting to outperform the NDX. Market technicians will generally tell you that they want NAZ and TECH to lead market rallies. From the mid summer bottom, the NDX has led and is up much more than the SPX DJIA or IWM. If you check the charts above, the NAZ is now having a hard time making new highs and if you take it a step further and look at the semi group, the SMH hit its high back in the middle of October while the SOX made its high in mid November.

Don't get me wrong, I am not guaranteeing a market melt down but I am giving a heads up to tighten up stops and be careful out there as stranger things have happened.