Major Averages Can't Get Together

The continuing lack of consensus was still extremely apparent in Monday's abbreviated pre-holiday market. The Dow was making all-time highs yet the S&P was struggling to overcome the old resistance, and the Nasdaq was actually going lower in spite of the powerful Dow. The two charts below show the Dow and the Nasdaq over the last six months, and make evident the dichotomy. 

While the Dow is still in the uptrend that began with the elections, the Nasdaq has apparently turned sideways. In fact, with the penetration last Thursday of the prior support, one could argue that the Nasdaq has started a downtrend. This ties in with my prior writing, noting that the big tech stocks were looking suspiciously as though they were failing, a la the "Nifty Fifty" demise in the early days of 1973. History does not exactly repeat itself, of course, but it often rhymes. ...158 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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