This chart goes back to 2018... And it likely holds a major clue for the stock market. Top: tech relative to equal-weight S&P 500 (XLK/RSP) Bottom: the S&P 500 (SPY) When XLK/RSP makes new ATHs after a major consolidation, good things happen for the index as a whole. Why is this important? Because XLK/RSP hasn't broken out, yet. If that breakout occurs, I expect a bigger momentum thrust at the index level for the stock market, helping to fuel a broader risk-on environment. That should also be accretive for Bitcoin. Embrace nuance.