The debate with “value over growth” seems to have lost some of its attention. It seems now that it is large-cap versus small-cap, as the Russell 2000 has flexed its muscles recently (the IWM is showing a bit of weakness this week with a bearish engulfing candle Wednesday and some more follow-through Thursday lower). Within healthcare, the deliberation about large versus small is heating up as well. On the ratio chart below we can see the smaller names via the PSCH (higher by 57% over the last one year period) recorded a nice run over the last one-month period, and it will be interesting to see if that was just a dead cat bounce into the February-May uptrend in favor of the XLV (higher by 22% over last one year period). If the PSCH can clear 191, it most likely runs to the very round 200 number which was resistance in early February. A breakout above that level in the cup base there could see a move toward 229 later this year. The XLV is finding support at its rising 50 day SMA for the first time following a breakout above a cup with handle pivot of 118.07 on 4/13, often an ideal entry point. I think both can work going forward.