The use of Equal Weight ETFs such as Consumer Discretionary (RCD) relative to Consumer Staples (RHS) can yield meaningful clues about the underpinnings of the stock market. Presently, this RCD/RHS relative strength ratio is below the levels seen in the Q4 2018 corrective period (red line in graph). This measure, along with other signals such as an elevated VIX, supports those arguing that we are in a "Risk Off" or "defensive" equity environment. Until the relationship breaks out of this zone, investors are well served to manage risk and stay nimble.