RELATIVE ROTATION — RS vs RS-momentumbubble = sector · size = mcap · trail = 6m→3m→1m path
x = 3-month return relative to SPY · y = momentum of relative strength (1m RS − pro-rated 3m RS). Quadrants:
LEADING (strong & strengthening) · WEAKENING (strong, fading) ·
LAGGING (weak & weakening) · IMPROVING (weak, turning up).
Approximated from return buckets (1w/1m/3m/6m), not daily series — trails are coarse by construction.