Neckline Backtests and Whimper Rallies: Markets Tracking the Forecast

The rotation that began late last week, favoring mega caps over semiconductors after the former sharply underperformed for most of June , is continuing today. Recall that mega caps had first traded down to, or below, H&S necklines. Mega Cap 300 Growth Index (60M) In last Thursday’s market update, as the mega caps and SPX…