The traditional NDX leading indicator is near its moment of truth. A clean right shoulder may forming if NDX stalls around 2783-2793, just about 1% more to go from current levels. If it does stall & breaks down, right shoulder target is about -8% from current.
For a proper bull continuation, NDX should lead the way, break through 2800 & stay above.
Its correlation with SPX is quite high but recently has been diverging, so I’ll be watching for more signs.
NDX has been underperforming versus the SPX for the last 1 year, so if this is a bull continuation, it should still have lots more to go.