k_denninger

Is the Market Due for a Pullback?

One thing to pay attention to here is the pattern on the breakdown in 2000 and correlation - or not - here.

In 2000 the SPX peaked in early 1999. It then made a stab at those highs in September, failed, and we know what happened from there.

This time it is the Nasdaq and the Russell that are leading the turndown. The S&P is technically damaged although to a lesser degree while the Dow continues to try to push out of its wedge to the upside.

Something has to give; the S&P and OEX are not "along for the ride" here - the last few days this rally has been powered almost entirely on the backs of 30 stocks.

You tell me how that ends.....