Isn't this chart a beauty? If you didn't know anything about anything, you would still spot an almost too perfect double top. It's actually the chart of QQQQ (the Nasdaq 100 ETF) relative to (divided by) SPY (the S&P 500 ETF) and it's interesting to note how the Nasdaq led the S&P during the entire spring rally. It then proceeded to reverse at the exact same spot (again we're talking relative values here) it was at in late October 2007, right before the market meltdown.The Nasdaq was one of the rare bright spots of the last three months and it took the market higher with it. The fact that it's leading the market lower now can't be a good sign and adds to the weight of evidence in favor of a resurgent bear.
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