Wallstreet use the Dow Jones Industrials and the SP500 as marketing tools, yet there are other less well known indexes that portray the stock market trend better.
The NYSE Major Market Index was the 'goto index' before the 1987 crash, quoted daily, in the media all the time, but now forgotten. It is made up of 20 big stocks, that reflect a close relationship to the economy than the Dow Jones.
Below the chart shows the NYSE Major Market Index is at strong resistance. The INDU and SP500 show a megaphone pattern which is not a great bullish pattern.
Maybe once US mid terms are over the selling will start.
Keep an eye on it.
Investing Quote...
"Stocks, like atoms, are really centers of energies.Therefore they are controlled mathematically"...."There is no chance in nature because mathematical principles of the highest order lie at the foundation of all things" ~ William D Gann
"Investing should be like watching paint dry or watching grass grow. If you want excitement...go to Las Vegas." ~ Paul Samuelson
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