
Many people may still remember SPY, QQQ, YCL, VOO, and IVV.
SPY $QQQ Going back to $YCL ... Many may recall how SPY/VOO/IVV distributed from Nov 2024 to Feb 2025 before the sell commenced in March 2025, ultimately bottoming in early April 2025. This chart shows how YCL "fit" within that same structure despite the Yen not being the focal point of the conversation. The narrative was centered around tariffs, but the Yen still moved opposite US stocks during that same timeframe.
#2 and #3 (then #1, #2) printed in late January at that swing low and gained 20% over the next three months. US Indexes lost about 20% over that same timeframe.
US Stocks bottomed a couple weeks before YCL topped, and began distributing a couple months before YCL printed. But net/net, they told the same story.