IWM is the weakest. I think the Qs could go as high as 100+ before the bear.
IWM, SPY / Q, then DIA last would be traditional in a breakdown. Low quality to high quality speculative to conservative.
Hard for me to say if the Qs or SPY is more speculative, but I would vote for the SPY since the Qs broke down in mid 2002 and never went that low in the 2009 market. So I think the Qs will be one of the last indexes to break down.
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