Growth's continued outperformance

Growth and tech stocks continue their nonstop outperformance. The S&P 500 Growth index surges to new all-time highs while the S&P 500 Value Index lags:

As a result, the S&P 500 Growth Index is on track to outperform the S&P 500 Value Index for a record-tying 8 consecutive months:

The previous records were in January 1999 and February 2014. We can relax the study parameters a little to see what happens next to the S&P when Growth outperformed Value for 7 consecutive months:

Here's what the S&P 500 Growth Index did next:

Here's what the S&P 500 Value Index did next:

And here's the Growth/Value Ratio's 14 month RSI, still at one of the highest levels ever:

None of this clearly suggests that stocks will pullback/correct. However, given that much of this rally has been driven by tech and growth stocks, it's safe to assume that weakness in the primary drivers of this rally could lead to broad-based weakness, thereby increasing the probability of a pullback.