It looks as if the NDX/SPX spread is trying to bottom. The spread is currently trading at 1.206 There is strong resistance between 1.23 and 1.24 on the spread chart . . . but should the NDX begin to outperform, we could easily see a challenge of the 1.35 area which is where the spread has topped on three separate occassions ( 1/04, 12/04, and 1/06 ). NDU6 could lead as hot money looks for beta and the economic conditions favor these names. Healthcare could perform well during a slowdown and technology faces a strong seasonal pattern. Definitely something to watch for!