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The two major relative indicators of US technology stocks have both fallen beyond the levels seen in the 2022 Bear Market.
According to a report by Jinse Finance and The Kobeissi Letter, two key relative performance indicators for the US technology zone have hit recent lows: the ratio of US tech stocks to global tech stocks has fallen to 1.6 points, the lowest in 18 months; the ratio of US tech stocks to non-tech zones has dropped to 1.5 points, marking a new low in 18 months. The declines in these two indicators have exceeded those during the 2022 Bear Market. Year to date, the Nasdaq 100 index has fallen about twice as much as the S&P 500 (excluding information technology).