The charts of these major indices have not moved beyond the 2000-2002 bear market low. The SPX must contain more financial stocks that are heavily weighted as compared to the other indices. The SP500 Equal Weighted chart (not shown) is also above the 2002 low – but not by much. The Dow is also getting close.
Charts courtesy of Stockcharts.com
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Tags: Dow Jones Industrial Average (DJI) · Nasdaq Charts (IXIC)3 Comments
Those 2002 lows for these might be acting like a magnet now.
I have been expecting a rally since Tuesday, it is not happening yet even that I am stopped out of long positions.
I figured I might be the last indicator but maybe not.
internals mostly at where a rally would be expected now but BKX killing everything it seems like. This market might not see bottom till banks do first or so it seems so far. GS had 2 reversal days on huge volume .. did not matter .. back into new lows today and JP too.
Not sure where my tunnel vision lead me but I looked finally at NASDAQ long term 30+ years and that trendline from 1975 through early 2000s was broken. Next long term targets for that are the 1991 bottom at 330. Andy please look into this.
Serge,
So did we start wave B of 5 of 3? Just making sure our counts match. Thanks