Before the long weekend is not a very complicated schedule from the intermarket analysis. It is no secret that one of the main beneficiaries of a strong and steadily growing market are the companies that serve it, that is, the “broker-dealer group”. They, due to a number of reasons, begin to grow and fall earlier than the wide market, and the ratio XBD / SPX steadily grows during periods of a “healthy market”. It is interesting to look at the current situation in this context. We see that the Brokers / Market ratio (above), despite the historical highs on the S & P-500, has been trading in a downtrend for a year and is still below the 200-day moving average. For some reason, this «insider sector» is in no hurry to rejoice with the broad indexes. We would keep this in mind in the place of the bulls, but without panic. For some reason, because the XBD index in the absolute (below) was able to go above 200 days and is now testing resistance at 274. Its breakdown (if confirmed) will probably pull the relative dynamics of XBD / SPX along with it, which will eventually turn down the trend. growth of the rest of the market.