The Rolling Correction Is Rolling Along This market is not nearly as strong as it looks. You wouldn't know it from looking at the indices or listening to traditional financial media but the market has been undergoing a rotational correction for months and it is picking up some traction today. The easiest way to see what is going on is to compare the charts of biotechnology (XBI) , cannabis (MJ) , and the ARK Innovation ETF (ARKK) with the S&P 500 (SPY) . At the same time, SPY is hitting new all-time highs and looks extended. ARKK is down about 24% from its high, the cannabis ETF has fallen 38%, and biotechnology is down about 28% in two months which qualifies as technical bear markets for all three sectors.