Either the current rotation into value is - a short-term phenomenon, and we will see a nice rotation back to tech & growth after some time, or - a prologue to a prolonged and really substantial and nasty drawdown in tech & growth and the market as a whole (that is, not just another buyable dip). Objectively, no one knows; no one has epistemic acces to info regarding which disjunct (of the two mentioned disjuncts) is the right one. You can have a strong belief in the ongoing bull market vibe, or you can take a look at the charts. I prefer the charts and some clear TA oriented criteria. This is $RSP relative to $QQQ on a weekly chart. The local high of $RSP relative to $QQQ from January 2023 (lilac arrow on the chart) correlates with the end of the 2022 bear market and the beginning of the current bull market. The local high of $RSP relative to $QQQ from April 2025 (narrow turquoise arrow on the chart) correlates with the Tariff Tantrum bottom. Based on this chart, I will say the following: As a general rule of thumb, bulls don't want to see $RSP relative to $QQQ trade above the Ichimoku cloud on a weekly chart. Plain and simple. When $RSP relative to $QQQ gets above the Ichimoku cloud on a weekly chart and stays above the Ichimoku cloud and refuse to come down, then the bull market is in real danger or more or less over. Ideally, the upper line of the Ichimoku cloud on a weekly chart should act as a tough resistance.