We left yesterday's market with the D-J Transports closing above their September high of 5215.97. The new high in the Transports was not confirmed by the D-J Industrial Average. To confirm, the Industrials would have to close above their own September high of 13,596.93. I thought today's action would be particularly important, because today we might see whether the Dow had any intention of erasing the non-confirmation. To erase the non-confirmation, the Dow would have to close above its own September high of 13,596.93. I believe this non-confirmation is particularly important because as far as I know, no other analyst has identified it. Thus, if the market turns down in the next few days, it may have turned down on technical considerations -- rather than having turned down on fear of the fiscal cliff.
And I wonder if the fiscal cliff is resolved, whether the market won't sell off on the news. ... Log in or subscribe to continue reading.
Premium Content Notification
A subscription is necessary to access premium content.
Please use the button below to subscribe in order to access all premium articles