Here's a link to more details on the "soggy bottom" setup I mentioned previously .
The bzbtrader post relates relates to 2 minute bars but the pattern can be seen in virtually any time frame, including daily bars.
For a closer look at the relationship between QQQ (or XLK) and XLF I have posted this current overlay chart based on 130 minute bars...or 3 bars per day. XLF is shown as the white line. The 2 cyan colored lines are 8 bar moving averages of the high and the low prices for QQQ.
For shorter term traders this is an easy way to see exactly how momentum plays out on a daily basis...the opening 2 hours, midday and the closing 2 hours. We can also see if early momentum carried through or if there was a reversal of trend.
In contrast to last week's divergence we now note that there is currently a converging correlation between QQQ and XLF... a correlation that has improved substantially in the past few days and will likely show more improvement at today's close based on the almost 6 % pop in Apple after an upbeat earning report.