Below are seven important stock market indexes. I’ve put some remarks in the caption area of each chart.
This should – – I say again, should – – be the perfect setup for a fall. We have a failed bullish breakout, a failed trendline, and a retracement back to resistance. This sucker needs to start falling promptly with the new week.This is a somewhat longer-term chart. In this case, the Dow has not yet managed to break its uptrend. Instead, it has been grinding away for weeks in the same price zone under the psychologically important 50,000 point level.The NASDAQ 100 is in much the same configuration as the NASDAQ Composite. If this doesn’t fall promptly early next week, I shall be sorely disappointed!The S&P 100 closed its price gap from the Greenland nonsense. Here, as with the Dow Industrials, we see a long and so-far unbroken uptrend with the semiconductor index, in spite of Intel’s big Friday wipeout.The S&P 500 fell hard on Tuesday, undid all the damage on Wednesday and Thursday, and just marked time on Friday. Here’s hoping for a quick slip on Monday!Finally, the Dow Utility Index is hammering out the best head and shoulders pattern I’ve seen since 2007. It hasn’t completed yet, but it’s about 90% done with the pattern.
