The more I look at this monthly chart below, the less I like that NDX relative to SPX has lost the Kijun (deep red). Since May '23, NDX relative to SPX has not closed below Kijun on a monthly chart. Also, the push up through Kijun in March '23 was the sign of the beginning of the current bull market. And the close above Kijun in May '23 was the confirmation of the beginning of the bull market. I wouldn't underestimate a monthly close below Kijun. We are not there yet; NDX relative to SPX has not closed below Kijun yet; the close for November should be interesting. Hopefully, the current price action will just print a wick below Kijun on the monthly chart. We'll see. $QQQ $SPY $RSP