The bearish trend started on the March 2nd high when the price was above the bullish trend channel. The divergence between the Nasdaq moving sideways and the S&P and Dow sinking is likely to end with the Nasdaq dropping as well.
My table of relative-strength stock-market sectors shows that most sectors haven’t moved very much since the beginning of April. The only big moves were a big drop in apparel, a continued drop in the bank sector and a big jump in Alcohol and Tobacco. The drop in the bank sector is surprising because the Federal Reserve’s rate increase have not changed the rates of any of the U.S. government bonds significantly. Interest rates are where they were in early January.