The progressive topping process is still going on and we might see some new tops as early as tomorrow (05/26/15). That would be the Dow, S&P 500, and the NYSE could break to new all time highs again tomorrow. So we are still seeing most of the common indexes progressively hitting their tops.
To review, first it was the "Transports". Amazingly they topped out way back in November of 2014. Since that intraday top of near 9300 the transports have come down to 8551 last Friday. That is -749 points to the downside. The interesting thing about the transports is that as of Friday's close, it was only 10 points away from the dreaded "Death Cross" That would officially put the transports into a "Bear Market"
Then it was the Russell 2000. It topped out back near April 15th at near 1278. Interesting thing about the Russell 2000 is that it's currently showing a "Head & Shoulders" pattern and a rising wedge on the right shoulder. In fact on Friday it broke support on the rising wedge.So two very "bearish" patterns currently on the same index.
The next indexes to top out was the NASDAQ & Nasdaq 100 on April 27th. The Nasdaq-100 is only -27 from its top near 4564.
This is probably the way all bull markets have ended in the past. Indexes like the transports and the Russell 2000 have topped out first and gave us the "Red Flags" that the current bull market is coming to an end.
So the warnings are here again and now its "Do we start doing something now, or do we stay complacent?"
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Is The Stock Market "Still" Progressively Topping Out?
Published 05/26/2015, 02:41 AM
Updated 07/09/2023, 06:31 AM
Is The Stock Market "Still" Progressively Topping Out?
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