Granted it's still way too early for this trade but I'm taking notice of the relative strength in tech.
The Dow is on the verge of breaking the Nov. lows and the S&P isn't far behind. However the NDX hasn't even broken below the last trading cycle low yet. As a matter of fact it's still 16% above the Nov. lows.
As long as this relative strength continues to hold I will be looking at this sector for a counter trend trade late this month or early next month when we get the next cycle low.