Rachel Dashiell of Charles Schwab talks about a double-top in the S&P 500 (SPX) and what it signals for momentum in the index. She points out that a leadership shift into defensive names play a central role under the index's surface. Rachel turns to the PHLX Semiconductor Index (SOX) and its 5-year price action to show how near-term support can lead to a longer-term gradual rally. The Russell 1000 growth stocks breaking a clear support zone compared to its value counterparts leading Rachel to urge caution in the cohort.