Stock Market Update 12-12-13
Non-Confirmation in Major Stock Indexes - What to Expect Next
This stock market update video covers the DIA etf abd shows a bollinger band set-up that indicates that the market is likely to experience at least another day or so to the downside before reaching its nearby fibonacci support level. However, there is a significant non-confirmation between the market indexes in that only the Nasdaq reached a higher high for the rally into Dec 9th. The Dow, S&P 500, Russell 2000, and NYSE all topped lower than there Nov 29th highs. This may be an indication that the stock market is topping on the current leg up, and that stock may experience a correction from these levels. A typical correction is ~10-11% and 6 weeks duration based on historical corrections in the S&P 500.
