Last night Johan, a frequent reader, observed that the reverse had occurred (NDX down over 1% while SOX was up). He wondered what the implications of that might be. It stoked my curiosity as well. So I took a look.
Moves higher have strongly outsized moves lower, but the consistency has not been great - just a little over 50/50. So I am not sure I would label this as "bullish", but it provides some hope for the bulls and is certainly better than the alternative we looked at a couple of weeks ago.