There’s no need for a ton of graphs. I just want to share three index charts which share my view that we’re just grinding out a peak, no different than before.
Here is the Dow Jones Composite with its three exponential moving averages. Take note of their past behavior and their relationship to the price bars in the two prior downturns. We have been through all this before.
Here is the NASDAQ Composite, and in this instance I’m just focused on the prior downturn last autumn. Interestingly, today’s price bar perfectly spanned from the 100-day to the 200-day EMA.
Lastly, and to me the most interesting, here is the Russell 2000 with a trio of slow-moving overbought/oversold indicators (thank you, as always, SlopeCharts).
Enjoy some TMBG.