Now that I actually have a seat wider than 10 inches, I can relax and type a few words about the exiting Friday we had. Let’s review a few key index charts together, shall we?
We begin with the NASDAQ Composite which, exactly in line with my Dancing Beneath the Ceiling post, saw its momentum wane and prices plunge. It’s funny seeing all the different mass media try to dream up a reason. One said it was tariffs. Another said a new Covid. Another said Trump in general. It honestly doesn’t matter.
The Dow Industrials had its biggest tumble of 2025, and the next meaningful support is that trendline beneath it.
The NASDAQ 100 saw massive strength mid-week (when META, sickeningly, notched its 20th consecutive up day) but all those gains got reversed.
The S&P 100, although composed of very different elements, was virtually the identical story.
As for Transports, they are in a class of their own. The Dow 20 had sported a magnificent (if you’re a bull) basing pattern, broke out to lifetime highs…………..and then vomited all over its satin lapels. This is a massive failed bullish breakout.
Lastly, just to round out the Dow, below is the 15, which is the Utility index. I got bored with NEE and XLU, so I have no positions related to utilities, but the prices have pushed back toward the failed trendline, and I suspect a U-Turn (or V-turn, more accurately) early in the new trading week.
