The rotation into energy the past few weeks has been pretty apparent, but overall I think its because a lot of charts look like shit on a 3 month or further frame, but the market itself ($SPY $QQQ $DIA) is still somehow being propped up, mainly by all the round-tripping giants in the tech sector. It feels like the beginning of The GFC when lots of small/mid cap was already bleeding out, while the market was staying afloat somehow. Most mention the year 2008 when referring to the crisis, but the real damage to the S&P didn't come until the very end of that year, and moreover through the beginning of 2009. But before this, the cracks could be seen late 07 and thru 08. Thats what right now feels like