Another week of wondering if the market signals are going in favor to turn south. This time I think it’s more leaning towards a retracement, but there still isn’t confirmation. The dow and S&P look like they’re moving together, but the Nasdaq isn’t quite there:
Dow: Back in November, through the course of about a month, the Dow showed signs of a retracement that started with 3 moves of lower highs. In other words, what looked like a downtrend. The moving average was eventually broken through, and the index met some resistance, which was soon reversed back into the uptrend that I’ve been seeing.
This sort of thing is happening again now, although the top and trend does not look as defined, but a form of resistance looks pretty clear.
As of recently, the dow has been on a crazy uptrend. The question is, when was the last time the Dow was this high? Is it at an all time high? So I pulled up a weekly chart, and pulled it back as far as possible.
Nice to see that resistances and supports from 3 years ago are still in place.
Nasdaq: Shows something similar to the Dow, but the retracement that occurred in the Dow in November are not as defined here. The triple top as of the past few weeks that has happened in the dow is also not very present here.
S&P: This one is much more in agreement with the Dow.
Word on the street is that the market is going down when Monday rolls around