WALL STREET CRAPS STOCK MARKET STRATEGY NOVEMBER 28, 2019
STOCK MARKET STRATEGY FOR NOVEMBER 28, 2019: The major indices in the stock market (Dow, S&P, Nasdaq) all hits consecutive historic highs for three days in a row on declining volume. A similar situation happened in reverse back in August of 1982 when the general market quietly exhausted all selling at its final inflation-adjusted all-time low. Could this be the ultimate top? Have the last short-sellers finally thrown in the towel? Isn’t it a coincidence that this is happening on a holiday, too?
Key underlying short-term timing indicators show the following:
- NYSE McClellan Oscillator – Ultimate Indicator – 63 (neutral)
- Nasdaq McClellan Oscillator – Ultimate Indicator – 63 (neutral)
- Volatility Indicator – Ultimate Indicator – 64 (neutral)
- Dow Transportation Index – Money Flow Indicator – 57 (neutral)
- S&P 500 Index – Money Flow Indicator – 59 (neutral)
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THE BOTTOM LINE: The stock market is quietly making new all-time highs as complacency has set in on a seemingly never-ending relentless advance. But my senses tell me that the top is close at hand and a move to the sidelines is most likely the smartest move to make right now.