Today was obviously a good and encouraging day. The very important Dow Jones Composite has been making good progress lower, but it MUST – – and I say again, MUST – – break the trend line shown below. This grind is agonizing and has got to stop!
The insanely-valued NASDAQ Composite gave up some ground today. What is INCREDIBLE to me is today’s range PERFECTLY spanned the two horizontals I had drawn weeks ago. I am talking about pixel perfect. Just…WOW. Anyway, we need to break the yellow tinted area to really kick Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) fan-boys in the teeth.
The Dow 30 chart is a bore. Obviously we need to break the yellow tint here, and that’s a good thousand points away.
The Nasdaq 100, importantly, has a failed bullish breakout.
Lastly, the small caps, represented by the Russell 2000, has been repelled by the resistance trend line. You can see via those arrows what happened last time.