QQQ vs S&P500

Today we are looking at a ratio chart from TradFi. We are plotting the ratio of Nasdaq100 vs S&P 500. Even if both charts observed separately tell us the same story. That we are in a bullish uptrend on the daily chart for the past 1 year. But the ratio chart clearly shows Nasdaq100 peaked out relative to S&P 500 on Aug 2024 just prior to the unravelling of Yen carry trade. Since then, the ratio has not broken to the upside and registered an ATH even if the tech stocks have been doing exceptionally well recently. The ratio of QQQ vs SPX is within a local uptrend but still within the upward sloping Fib Retracement level between 0 and 0.618. The tech heavy QQQ can and will claim leadership once we break out of the range in the upward sloping Fib retracement level and break above the 0.618 levels.